Dovi Frances is a financial services entrepreneur and founding partner of SGVC, a venture capital firm based in Los Angeles, California. Over the course of his career, Dovi has invested over $100 million in some of Silicon Valley’s most prominent and disruptive financial technology companies, including SoFi, Addepar, Tipalti, TripActions, HomeLight, SunBit, and Next Insurance. He currently serves as Director on the Boards of Tipalti, SunBit, HomeLight, and Covercy. He is also an Advisor to Addepar, PumaPay and is a member of the Advisory Council of Leumi Bank U.S.
Dovi’s interest in financial technology investments developed following the 2008 financial crisis while serving as President of a multi-billion-dollar AUM Family Office. At that time, the financial industry faced several challenges, including a new global regulatory regime, historically low interest rates, and declining levels of public trust.
Almost in tandem, a massive generational shift was starting to take place as Millennials entered the workforce, smartphone adoption rates accelerated rapidly, and new disruptive technologies emerged, all of which reshaped the traditional financial services industry. The combination of these factors created a “perfect financial storm” in which customers became willing to try new financial brands and traditional financial services firms struggled to maintain profitability amid shifting consumer dynamics.
In response, Dovi launched SGVC in 2012 to capitalize on these trends by building a portfolio of cutting-edge financial technology companies that were well positioned to take over huge swaths of the financial services sector now up for grabs. He raised SGVC’s inaugural $20 million fund in 2012 from a single-family office and subsequently closed an additional $50 million Fund II in May 2016 from various prominent high net worth investors including, T-Mobile CMO Nicholas Drake, Microsoft Former-CMO Mich Matthews, the Bronfman Family and other well-known wealth management advisors (including True Capital, Morgan Stanley and Goldman Sachs). In October 2017, he announced the launch of SGVC Fund III with a target raise of $50 million.
Dovi received a Business Administration degree from Ben Gurion University and a Master of Business Administration with a focus on Finance and Marketing from UCLA Anderson.