Group 11

Founding Partner Dovi Frances leads the investment committee and serves as the primary decision-maker on term-sheet issuance. Frances built the firm from a personal investment vehicle into an institutional-grade partnership without bringing on outside managing partners — a governance structure that concentrates deal authority in a single operator. The investment team includes principals and associates who source and diligence opportunities, but final capital-allocation discretion rests with Frances.

The firm sources through three primary channels: Frances's network among Israeli enterprise-software founders and US FinTech operators, inbound referrals from the partnership's portfolio companies, and a deliberate content strategy that publishes theses on regulated-vertical software years before other investors arrive. Group 11 does not rely on demo-day pipelines or accelerator syndicates. The partnership's thesis research on embedded finance and payroll infrastructure functions as a top-of-funnel magnet for founders building in those categories.

Group 11 typically leads or co-leads Seed and Series A rounds, writing first-check commitments of $5 million to $15 million, and reserves significant capital for follow-on investments through the Series B stage. The firm's fifth flagship fund structure allows it to maintain pro-rata positions in breakout companies. Frances has stated publicly that the partnership avoids passive minority checks that lack board-level influence.

Group 11 has publicly maintained that it does not invest in consumer internet, hardware, biotech, or pure-play enterprise SaaS that lacks a regulatory or financial-services nexus. The firm also bypasses companies whose revenue models depend solely on advertising or data brokerage rather than transaction, subscription, or licensing income tied to regulated workflows. This negative screen reflects the partnership's view that defensibility in FinTech comes from regulatory moats, not user-acquisition velocity.

Group 11 does not operate a fund-of-funds program, but the partnership selectively syndicates rounds with co-investors who bring operational expertise in payments, insurance, or compliance. The firm has co-invested alongside Thrive Capital, General Catalyst, and Bessemer Venture Partners in portfolio-company rounds. Group 11 prioritizes keeping its board seat and lead-investor rights when introducing outside capital.

Unlike generalist seed and Series A platforms, Group 11 concentrates exclusively on software companies that touch regulated industries — banking, insurance, payroll, real estate, and workforce compliance. That narrow aperture means the partnership does not need to build expertise across a dozen unrelated categories, but it also means the fund's performance is tightly correlated to FinTech exit windows. Frances has characterized this as a deliberate trade-off that rewards the partnership's regulatory and operational fluency.

Group 11's headquarters sit in Beverly Hills, California, but the partnership maintains connectivity in Tel Aviv, Israel — a market that Frances has sourced heavily for cybersecurity and enterprise-software founders. The firm does not operate a separately incorporated international office, opting instead for periodic in-region sprints that align with its deal flow. Investment activity concentrates on US-headquartered companies with global operating footprints.