Hong Kong billionaire Li Ka-shing has invested US$10 million in Tipa Corporation, an Israeli biodegradable packaging company, through his private equity firm Horizon Ventures, the Israeli financial daily Calcalist reported on Tuesday.
The start-up Tipa has developed packaging for beverages that it says is biodegradable within 180 days, the report said.
Tipa could not be reached for comment, but one of its current investors, GreenSoil Investments, referred to the Calcalist report on its website.
The four-year-old company’s packaging technology, in addition to being environment-friendly, will also help food and beverage makers reduce shipping and inventory costs, according to Tipa’s website.
Li’s Horizon Ventures has made series of investments in Israel – including a deal to acquire mapping company Waze for US$30 million in 2011, which was later bought out by Google Inc. (GOOG.US), and another transaction with mobile app-maker Onavo, which was sold to Facebook Inc. (FB.US).
Li is the most active foreign investor in Israel, Avi Hasson, chief scientist at Israel’s Ministry of Industry, Trade and Labor, told EJ Insight in a Hong Kong interview in February.
In January 2011, Sorek Desalination Plant, in which Israel Desalination Enterprises Technologies owns a 51 percent stake with the remainder held by Hutchison Water, won a government tender to build and operate the world’s largest desalination plant with a planned capacity of 150 million cubic meters.
In October 2011, Horizon Ventures, together with Kleiner Perkins Caufield & Byers’ Digital Growth Fund, invested US$30 million in Waze Inc., an Israeli online traffic and navigation company which was acquired by Google Inc. in June 2013 for about US$1 billion.
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