Papaya Global investor: Funds not for political statements

• Published date: 26 January 2023

Group 11 founding partner Dovi Frances, who has invested in Papaya Global but does not sit on the board, wrote, "It's true that a CEO has the full right to manage the company's money in whatever bank they feel is correct, and the board in most cases is not required to get involved in this decision. But this does not mean it is possible to use the bank account as a bargaining attack tool or as a political statement."

I personally am full of professional appreciation for Eynat (Papaya CEO Eynat Guez) and fully appreciate her personal desire to express her political position. But I really do not support this move. In my opinion this is not the way to express a personal political position, in my opinion it only leads to the continuation of the division in the people. The role of the high-tech industry, which is mostly not part of this, is to bridge between everyone and give a tremendous opportunity for financial well-being to anyone who wants it."

This is the first statement by an investor in Papaya Global, after all the other entrepreneurs and investors around the company have remained silent. Group 11 owns 3% of Papaya shares. "Without mixing myself and Group 11 up with politics and populism, and because I'm alert to the situation anyway, I will refer to the substance of the matter and not to...