Israel’s OurCrowd founder Medved steps down as CEO, becomes chairman

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JERUSALEM (Reuters) -Jon Medved, the founder of Israel’s OurCrowd investment platform, is stepping down as chief executive officer and will become chairman, the company said on Tuesday, citing medical reasons.

Medved, 70, founded OurCrowd in 2012 and built it into one of Israel’s largest venture investors in the country’s booming tech sector.

He will focus on strategic initiatives, including OurCrowd’s global expansion, OurCrowd said.

Cali Chill was named acting CEO and chief operating officer, effective immediately, where he will oversee day-to-day operations.

OurCrowd said Medved, who has been involved in Israeli tech for more than 40 years, was recently diagnosed with the neurodegenerative disease amyotrophic lateral sclerosis (ALS). He is recovering and working from home in his new chairman role, the firm said.

OurCrowd has over $2.6 billion in assets under management. It has more than 68 fund positions, 500 investments in portfolio companies and 73 exits.

Chill has been with OurCrowd for seven years, most recently serving as chief investment officer and chair of its investment committee.

(Reporting by Steven Scheer; Editing by Sharon Singleton)