Group 11
Group 11 is a Beverly Hills-based venture capital firm founded in 2012 that exclusively invests early-stage capital in category-defining fintech software companies, serving institutional limited partners and portfolio founders across multiple fund vintages.
- Company typePrivate
- Founded2012
- HeadquartersBeverly Hills, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Group 11 does
Group 11 (legal entity: Ursus Ventures) is a Beverly Hills, California-based venture capital firm founded in 2012 by Dovi Frances, specializing exclusively in early-stage investments in category-defining software companies disrupting the global financial services industry. The firm operates as a thesis-driven, sector-focused fund manager managing multiple vintages (Fund I through at least Fund V, with Fund V at $252.6M in assets as of April 2026) and serves two primary customer types: (1) portfolio company founders in fintech and adjacent verticals, and (2) institutional limited partners including Hamilton Lane and StepStone Group who commit capital to successive fund vintages.
The firm generates revenue through the standard VC economic model: approximately 2% annual management fees on committed/managed capital plus 20% carried interest on profitable portfolio exits. Notable portfolio holdings include Navan (corporate travel and expense management, IPO'd October 2025 at $6.21B valuation), Next Insurance (digital SMB insurance, acquired by Munich Re for $2.6B in March 2025), Tipalti (global payments automation), Sunbit (point-of-sale buy-now-pay-later), HomeLight (real estate marketplace), Dream Security (sovereign AI/cybersecurity), Masterschool (success-based tech education), and AeroPay (pay-by-bank payments). Group 11 typically takes board seats or observer roles and frequently leads seed and Series A rounds, with later-stage co-investments in breakout winners.
The firm has been externally validated as a top performer: HEC Paris and DowJones ranked it #3 globally in 2023, it was named the #1 top-performing VC fund manager in America in 2024, and TIME listed it among America's top VC firms in 2025. Group 11 does not develop its own technology products; rather, it operates a lean team (1-10 employees) under a general partnership structure with key leadership including Founding Partner Dovi Frances, Partner/COO/CFO Hadas Sparfeld, Partner Devon Morris, Chief Futurist Roxane Googin, and Head of Business Development Lian Kimia. The firm is not registered with the SEC as an investment adviser, relying on registration exemptions.
Group 11 firmographics
Firmographics- Name
- Group 11
- Legal name
- Ursus Ventures
- Website
- https://group11.vc
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Group 11 is a Beverly Hills-based venture capital firm founded in 2012 that exclusively invests early-stage capital in category-defining fintech software companies, serving institutional limited partners and portfolio founders across multiple fund vintages.
- Ownership category
- akta.pro rank
Group 11 industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)
- akta.pro secondary industry
- Late-Stage Venture Capital (Series C+) (FSANAAAC)
Keywords
Where Group 11 is headquartered
LocationHeadquarters
- HQ city
- Beverly Hills
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Group 11 business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Management Fees: VC firms typically charge 2% management fees on committed capital under management. Group 11 has raised multiple funds including Fund I, Fund II, Fund III ($51mm in 2018), and Fund V ($252.6 million in assets as of 2026).
- Carried Interest: VC firms earn carried interest (typically 20%) on profits from successful portfolio company exits. Group 11 has generated significant returns through exits including Next Insurance (acquired by Munich Re for $2.6B), Navan (IPO at $6.2B valuation), and other portfolio successes.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Group 11 product offering
Product offeringCore offering
Group 11 is a venture capital firm that makes early-stage equity investments in category-defining software companies disrupting the global financial services industry. The firm manages multiple funds (Fund I through Fund V), deploys capital into portfolio companies, and provides board-level strategic support and operational guidance to founders. Revenue is generated through management fees on committed capital and carried interest on successful portfolio exits.
Product overview
Group 11 is a fintech-focused venture capital firm that invests in category-defining software companies disrupting the global financial services industry. The firm manages a portfolio of portfolio companies across various fintech subsectors: Dream Security (AI/cybersecurity for governments), Navan (corporate travel and expense management), Tipalti (global payments/accounts payable automation), Sunbit (point-of-sale payments and buy-now-pay-later), Next Insurance (digital business insurance), HomeLight (real estate agent marketplace), Masterschool (success-based tech education), and AeroPay (pay-by-bank payments). Group 11 does not offer its own product or service; it operates as an investment firm providing capital and operational support to portfolio companies.
Differentiator
Problem solved
Functional benefit
Products and services
- Group 11 Fund I
- Group 11 Fund II
- Group 11 Fund III
- Group 11 Fund V
Quantifiable outcome
- Both Fund I and Fund II beat Cambridge Associates' top quartile venture capital benchmark for their respective 2012 and 2014 vintages
- +1 more outcomes
Companies that use Group 11
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles2 records
Group 11 technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
AI capability8 records
Group 11 partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- ICON - Israel Collaboration NetworkminorICON hosted Group 11's event on the GameStop/Robinhood saga featuring Dovi Frances and Andreessen Horowitz's Alex Rampell.
Scale indicators8 records
Recent moves8 records
Expansion highlights5 records
Group 11 competitors and assessment
Company assessmentEmerging players
- Aleph: Aleph is an Israeli early-stage VC firm that co-invests with Group 11 in Israeli fintech companies. Comparable as a co-investor and Israeli ecosystem peer, though broader in sector focus than fintech-only.
Direct peers
- NYCA Partners: NYCA Partners is a venture capital firm that invests in early- and growth-stage fintech companies. Comparable to Group 11 in vertical focus, fintech specialization, and early-stage deal preference.
- Fin Capital: Fin Capital (formerly FinTech Collective) is an early-stage venture firm focused exclusively on fintech. Comparable to Group 11 in vertical specialization, fintech-only thesis, and similar fund sizes.
- Ribbit Capital: Ribbit Capital is a sector-focused venture capital firm exclusively investing in early-stage fintech companies. It is the closest direct comparable to Group 11 given its vertical specialization, fintech-only thesis, and similar fund sizes.
- QED Investors: QED Investors is a fintech-focused VC firm that invests in early- and growth-stage financial services companies globally. Directly comparable to Group 11 in vertical focus, deal-stage preference, and fintech-only mandate.
- Anthemis: Anthemis is a venture capital and advisory firm focused on financial services and fintech investments. Directly comparable to Group 11's fintech-only thesis and early-stage investment focus.
Regional players
- CommerzVentures: CommerzVentures is a Frankfurt-based fintech-focused VC firm backed by Commerzbank. Comparable to Group 11 in vertical specialization but operates primarily in the European market.
Broad incumbents
- Bain Capital Ventures: Bain Capital Ventures is a multi-stage venture firm with a significant fintech practice and direct co-investor with Group 11 in Dream Security. Comparable as a fintech-active investor but not vertically specialized.
- Lightspeed Venture Partners: Lightspeed is a multi-stage venture capital firm with a dedicated fintech practice. Comparable as a fintech-active investor competing for similar early-stage deals but not vertically specialized.
- Andreessen Horowitz (a16z fintech): Andreessen Horowitz operates a major fintech investment practice within its broader multi-stage, multi-sector venture platform. Comparable as a fintech-active investor but not vertically specialized like Group 11.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Group 11 social profiles
Digital presenceGroup 11 financial estimates
Financial estimateRevenue estimate
Valuation estimate
Group 11 leadership team
Management profileNumber of profiles
Profiles5 records
Group 11 funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Group 11 M&A and investment
M&A and investmentM&A
Investments70 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Group 11
What does Group 11 do?
Group 11 is a venture capital firm that makes early-stage equity investments in category-defining software companies disrupting the global financial services industry. The firm manages multiple funds (Fund I through Fund V), deploys capital into portfolio companies, and provides board-level strategic support and operational guidance to founders. Revenue is generated through management fees on committed capital and carried interest on successful portfolio exits.
Is Group 11 a public or private company?
Group 11 is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Group 11 founded?
Group 11 was founded in 2012. It employs 1 to 10 people.
Where is Group 11 based?
Group 11 is headquartered in Beverly Hills, United States, in the North America region.
How does Group 11 make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are Group 11's main competitors?
Aleph is listed as an emerging player. Direct peers are NYCA Partners, Fin Capital, Ribbit Capital, QED Investors and Anthemis. CommerzVentures is listed as a regional player. Broad incumbents are Bain Capital Ventures, Lightspeed Venture Partners and Andreessen Horowitz (a16z fintech).
Does Group 11 have an API?
No public API is recorded for Group 11.
What industry is Group 11 in?
Group 11's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists), with a secondary code of FSANAAAC, Late-Stage Venture Capital (Series C+). Its NAICS code is 523940 and its SIC code is 6282.