Erel Margalit, Chairman of JVP: “JVP Play is changing the rules of the game in building global companies. Tesco’s decision to enter the innovation sphere in Israel through the initiative of JVP Play is a vote of confidence in a model that will disrupt the whole high-tech industry.”
Paul Wilkinson, Head of Technology Research at Tesco Labs: “We’re delighted to be part of JVP Play, where we look forward to meeting the brightest and best – who may be able to help us shape the future of retail.”
Jerusalem, Israel, October 16, 2017 – Jerusalem Venture Partners (JVP), Israel’s leading venture capital firm, today announced the launch of JVP Play, an innovative platform aimed at early-stage entrepreneurs and startups using groundbreaking solutions in AI and Deep Learning in Retail and Fintech. JVP Play is redefining the rules of the game between startups, customers, partners, and investors by addressing real market needs and defining solutions tailored to global markets, bolstering startups and entrepreneurs by giving them laser-focus at their earliest stages.
JVP Play matches early-stage startups with leading multinationals looking for real-world solutions for their toughest challenges – creating a clear path to product and technology validation. JVP Play’s current model is built upon close collaboration with leading multinationals in the retail and financial industries, including British retail giant Tesco via its global innovation arm, Tesco Labs, and global banking and financial services leader Barclays via its innovation arm, Rise. Additional partners include Microsoft and global consulting firm Deloitte. As part of the JVP Play model, these strategic partners will be involved in every phase of the process, from selection of participants to product development according to global market needs, to real-world testing. The partners will also enjoy the possibility of investing in the startups.
The platform will be led by JVP Partner Yoav Tzruya and JVP Labs Partner Yonatan Machado.
How does JVP Play work?
Entrepreneurs submit applications from October 18th – December 21st. The screening process will be demand-driven as defined by the strategic partners in cooperation with JVP. Selection will be based on the potential proof of value of the suggested technology and solution, and the magnitude of the need the product is addressing.
The selected startups will be assigned a team of mentors from the strategic partners who will help define their vision, their potential markets and messaging, and who will also help them apply their technology based on real data, assisting companies with achieving proof of value at the very earliest stages of the project. This process will dramatically increase these startups’ chances to become groundbreaking companies, in line with actual market needs. Startups will enjoy close consultation with the JVP team.
Who is JVP Play aimed at?
JVP Play is aimed at entrepreneurs and startups with early-stage products, which are searching for global design partners in the retail or fintech, with an emphasis on AI and Deep Learning. JVP Play is also designed for academic researchers and aims at cooperating with leading Israeli academic institutions.
A Theme-Focused Platform Backed by Israel’s Leading Venture Capital Fund
“JVP Play is revolutionizing the way game-changing Israeli startups are created,” said JVP Founder and Chairman Erel Margalit. “For the first time, we’re joining three key players on the playing field – entrepreneurs, investors and customers – at the very earliest stages to build significant, relevant companies with the strongest possible foundations and the potential to be the next big thing.”
Play transforms global companies from passive to active players by having them define pain points and take an active role, together with startups, in crafting solutions, thus fast tracking relevant startups under real-time conditions,” said JVP Partner Yoav Tzruya. “Together with our strategic partners, we’re redefining the rules of the game – how startups work with strategic partners and how both can take part in applied innovation for global solutions. It’s for good reason that global players looking for entry into Israel’s innovation ecosystem choose to do so via JVP Play.”
Tesco Labs is Coming to Israel
The most significant vote of confidence JVP Play has received is from British retail giant Tesco. It is the first time that Tesco Labs has been involved outside the borders of the UK in general, and in the Israeli innovation ecosystem specifically. Paul Wilkinson, Head of Technology Research at Tesco Labs, will be attending the launch in Tel Aviv. As part of his visit, Wilkinson will meet with Israeli entrepreneurs and startups to learn more about Israeli innovation up close and personal. Tesco will begin working with several Israeli projects in tandem to include their solutions in the company’s business network.
Paul Wilkinson, Head of Technology Research at Tesco Labs: “We strive to work at the cutting edge of technology, in order to ensure that we can continually provide the best experience for our customers. Being able to discover and engage with start-ups plays a key role in this, and we’re delighted to be part of JVP Play, where we look forward to meeting the brightest and best – who may be able to help us shape the future of retail.”
About Jerusalem Venture Partners (JVP):
Jerusalem Venture Partners (JVP), is an internationally renowned venture capital fund based in Israel. Established in 1993 by Dr. Erel Margalit, JVP has raised to date $1.2 billion across 8 funds, and has been ranked numerous times by Preqin as one of the top-ten consistently performing VC firms worldwide. JVP has built over 120 companies, leveraging a broad network of partners and market expertise to help companies to become global market leaders. Among the pioneering firms of the Israeli venture capital industry, JVP has been instrumental in building some of the largest companies out of Israel, facilitating 12 Initial Public Offerings on NASDAQ and numerous industry sales. With a view to building industry leaders, JVP invests in early through growth stage companies in the spaces of Cyber-Security, Big Data, Fintech, Enterprise Software, Storage, Mobile, Media and IoT.
About Tesco Labs:
Tesco Labs is Tesco’s research and development team, conceived to shine light on future opportunities and challenges for Tesco. Labs is a trusted source on emerging technology and is focused on prototyping and testing new ideas in technology areas that could significantly impact customers and the business in the future. Through collaboration with colleagues, suppliers, academics and entrepreneurs, we tackle the most pressing problems. All our opportunities and challenges are made visible, along with their hypotheses, findings and next steps. Our deliverables are the knowledge, insight and validated learning which can be used to support business cases and develop new customer propositions. Interested in finding out more about the team and our work? Visit tescolabs.com.
About Rise Tel Aviv, Barclays:
Rise Tel Aviv is Barclay’s innovation center, creating a platform for FinTech collaboration between Barclays Bank and local startup companies. The innovation hub has a co-working space, nightly events, mentorship, and a top FinTech Accelerator program. Rise Tel Aviv is the perfect place to scale your FinTech startup.
About Microsoft Accelerator:
Microsoft Accelerator is a global program built to empower startups around the world on their journey to build great companies. We work with market-ready startups, mostly in their “Series A” funding period to provide the tools, resources, connections, knowledge and expertise they need to become successful companies. Our goal is to help startups mature into enterprise-ready companies by scaling every aspect of their business. Our accelerators are in several cities around the world: Bangalore Beijing, Berlin, London, Paris, Seattle, Shanghai and Tel-Aviv.
Deloitte is the world’s leading professional services firm, providing a wide range of world-class audit, tax, consulting and financial advisory and trust services to public and private clients spanning multiple industries. Deloitte Israel serves domestic and international clients, public institutions and promising fast-growing companies. Deloitte’s Innovation Tech Terminal (ITT) serves as a platform to support enterprises looking to discover innovative ideas, technologies, and capabilities outside of their own walls. Its mission is to provide global clients access to Israel and leverage the Israeli innovation ecosystem. ITT also supports Israeli startups through our holistic offerings, including consulting, advisory and accounting services.