Israeli venture capital firm ProSeed Venture Capital Fund has raised a gross $2.06 million through a secondary offering, Globes reports. Initially, the company planned to raise $2.36 million. The firm raised most of the money from ProSeed’s controlling shareholders, the Landau and Rotlevy families, which own Landan Investments.

Landan’s stake in Proseed was increased to 73.17 percent from 55.1 percent following the investment. The firm’s executives, including CEO Eyal de Paauw, who purchased 350,000 shares, giving him a 2.18 percent stake, also took part in the offering. Proceeds from the offering will be used to help make the $5.10 million repayment of the firm’s series 4 bond, due at the end of November.

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