Alon Lifshitz, one of the co-founders of the venture capital fund Hanaco, recently announced his retirement after managing the fund for about eight years. The past year has been particularly tumultuous for Lifshitz, with one of the fund’s investments, Vesttoo, facing allegations of fraud and forgery. Vesttoo, a startup that created a financial market for insurance guarantees, filed for Chapter 11 protection in the USA and ceased operations in Israel.
Lifshitz was a board member of Vesttoo and took immediate action to change the management and bring in a financial investigation company to look into the allegations. Despite the challenges with Vesttoo, Lifshitz faced another lawsuit from singer Omer Adam and the founder of Pontifex biotech fund regarding false information presented about the company Infarm, which also faced financial difficulties. Lifshitz will be stepping down from all company boards following his retirement from Hanaco.
The Hanaco Fund, which manages a fund of $2.5 billion and is one of the largest capital funds in Israel, has expressed gratitude for Lifshitz’s contributions and wishes him success in his future endeavors. Lifshitz, on the other hand, expressed pride in his work with the fund and emphasized his commitment to supporting portfolio companies even after his retirement. Despite the challenges faced, Lifshitz remains confident in the success and potential of the fund and its entrepreneurs.
Alon Lifshitz thanked Romanovsky for their partnership and friendship over the years and wished him success in his future endeavors. The situation with Vesttoo and Infarm highlights the risks and challenges faced in the world of venture capital investing but also underscores
