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Mediterranean Towers Ventures Invests in Quality of Life Improvements for Elderly

July 21, 2017
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Pictured, from right to left: Mr. Dov Sugarman, Co-CEO of Mediterranean Towers Ventures Viacheslav; Dr. Yael Benvenisty, Co-CEO of Mediterranean Towers Ventures; Mr. Doron Arnon, Director General of Mediterranean Towers ;Mr. Yair Serrousi, Chairman of Mediterranean Towers; Fradin, TASE CRO and Ittai Ben-Zeev, TASE CEO. Photographer: Guy Assayag (photo free-of-charge).

According to The Motley Fool, “For the next 18 years, a staggering 10,000 baby boomers will turn 65 every day, increasing demand for everything from golf clubs to assisted living facilities.” An Israeli firm is doing something about that.

Recently the Tel Aviv Stock Exchange Market Open Ceremony was led by managers of Mediterranean Towers Ventures – a new investment fund that will focus on innovative technologies for older adults. The fund will invest in startups which develop solutions to improve the quality of life for the elderly, in all aspects of life: health, culture and leisure, security and safety, loneliness, etc.

During the first year, the fund intends to primarily focus on start-ups in their initial stages in order to help the selected entrepreneurs to become leaders and groundbreakers in the worlds of older adults.

Yair Seroussi, former chairman of Bank Hapoalim and chairman of the Mediterranean Towers chain will take on the position of Chairman of the Fund’s investment committee.  The committee will consist of additional members, including Doron Arnon, CEO of the Mediterranean Towers chain. The Fund is managed by Dr. Yael Benvenisti and Mr. Dov Sugarman.

Mediterranean Towers (TASE: MDTR) is a public company traded on the TA-125 index and its entry into the field of investments in technologies for older adults expands the company’s areas of activity and aligns with the chain’s vision, that is to develop and improve the quality of life of the elderly, which is the fastest growing population in the world and also in Israel.

Yair Seroussi, chairman of Mediterranean Towers and chairman of the Fund’s Investments Committee said, “We are proud to be the first to invest in this important field of technological innovations for older adults, and we hope that our entry into the field will encourage additional ventures and developments for the population of older adults. With the increase in life expectancy and the rapid growth rate of the population of older adults in the world the technology is becoming more and more relevant and there is a need to find ways to improve the quality of life of the elderly. The Mediterranean Towers is an innovative chain of retirement communities that operates according to the worldview – “Living here is interesting”, therefore, establishing the fund is another layer in our worldview. Beyond the economic and social movements, the Fund will also promote a connection between the older adults and the younger generation, thereby encouraging new ideas and initiatives that we hope will lead to the development of products which will help the country’s senior citizens.   We believe that Israel can lead in global technology for older adults, as it has done in the past in other fields of technology, and we are proud to be pioneers in this field.”

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