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Venture Capital
FINANCE | Investment Firms & Funds
covefund.com

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Investments

30

Portfolio Exits

1

Funds

4

About The Cove Fund

The Cove Fund was established in 2015 to provide startup funding for promising new ventures that emerge in Orange County, California with a special focus on technology and life science companies originating from the UC Irvine and its faculty, students, staff and alumni.

The Cove Fund Headquarters Location

5141 California Ave

Irvine, California, 92617,

United States

949-333-0919

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Latest The Cove Fund News

Celitech raises $1.2M to expand eSIM service coverage areas

Aug 29, 2022

Share California-based Celitech has landed $1.2 million in seed funding for its eSIM service. Cove Fund led the round with a $675,000 investment; other investors included Tech Coast Angels Orange County, Blue Startups and Hawaiian Angels. Founded in 2018, Celitech’s proprietary API enables travel businesses and apps to offer co-branded eSIM service that can be bundled with other products, creating additional revenues for partners. Celitech’s service, which can save travelers as much as 80% on data roaming, can be activated via QR codes on eSIM-enabled devices such as smartphones and tablets. Celitech plans to use the seed funding to build out its sales team, expand its service coverage areas and further develop its IP portfolio. Former Amadeus exec Kerri Zeil joined the company in August as business development advisor. Its technology is active in more than 160 other countries, including the United States, via wireless networks like AT&T, Vodafone and Telefonica. Mike Benvenuti, one of Cove Fund’s managers, tells LosAngeles business journal LAINNO that they see “huge market potential forCelitech to dominate the e-SIM market.” “We tested Celitech’s e-SIM roaming technology in severalEuropean countries and were amazed at how simple and convenient it was toconnect with the local cellular infrastructure at a fraction of the cost of theexisting data roaming options,” Benvenuti says. Founder and CEO Ahmad “Al” Fares says he created Celitech due to frustration with the cost of international data roaming while visiting more than 100 countries. Buying local SIM cards – or swapping an existing card for a local one – was also a hassle, he adds. Get a dose of digital travel in your inbox each day Subscribe to our newsletter below Submit Fares initially self-funded the company with $450,000. Acouple of angel investors from his previous companies pitched in another$275,000. Celitech has raised $2 million total to date. The company did a soft launch in Q3 of 2021 and expects todo a hard launch in Q4 of this year. Fares says he will open a Series A roundnext year if Celitech hits monthly revenue targets of $100,000. In October 2021, digital SIM card provider Airalo, which won the Award for Travel Innovation (Startup Category) at The Phocuswright Conference 2019, raised $5.4 million in Series A funding.

The Cove Fund Investments

30 Investments

The Cove Fund has made 30 investments. Their latest investment was in Celitech as part of their Seed VC on August 8, 2022.

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The Cove Fund Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/29/2022

Seed VC

Celitech

$1.2M

Yes

1

7/12/2022

Seed VC

VECKTA

$3.3M

Yes

1

4/19/2022

Series B

Carlsmed

$30M

No

4

1/14/2022

Series A

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$99M

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10

12/17/2021

Seed VC - II

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$99M

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10

Date

8/29/2022

7/12/2022

4/19/2022

1/14/2022

12/17/2021

Round

Seed VC

Seed VC

Series B

Series A

Seed VC - II

Company

Celitech

VECKTA

Carlsmed

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Amount

$1.2M

$3.3M

$30M

$99M

$99M

New?

Yes

Yes

No

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Co-Investors

Sources

1

1

4

10

10

The Cove Fund Portfolio Exits

1 Portfolio Exit

The Cove Fund has 1 portfolio exit. Their latest portfolio exit was Capillary Biomedical on July 21, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

7/21/2022

Acquired

$99M

2

Date

7/21/2022

Exit

Acquired

Companies

Valuation

$99M

Acquirer

Sources

2

The Cove Fund Fund History

4 Fund Histories

The Cove Fund has 4 funds, including The Cove Fund II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

2/15/2018

The Cove Fund II

$12M

3

1/31/2018

Cove Fund II LLC

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$99M

10

12/31/2015

OC Cove Fund I LLC

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$99M

10

Cove Fund III

10

Closing Date

2/15/2018

1/31/2018

12/31/2015

Fund

The Cove Fund II

Cove Fund II LLC

OC Cove Fund I LLC

Cove Fund III

Fund Type

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Status

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Amount

$12M

$99M

$99M

Sources

3

10

10

10

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