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Investment fledgling MGIC is seeking £1.5 million at 10p to back early-stage internet ventures in Israel. Axiom Capital is handling the PLUS offer for MGIC, which is headed by Amir Raveh and Robert Pincas, two leading lights at Anglo-Israeli investment concern MG Equity Partners.

Before the float, two of the present non-executive directors, Sir Andrew Burns, former UK ambassador to Israel, and accountant and corporate financier Simon Sacerdoti, owned the company, whose board and investment committee include entrepreneur and US property man Alon Carmel, co-founder of Sparks Networks, which owns the JDate web site.

Operating from the Diamond Exchange District in Israel and the West End of London, but using Axiom’s Golders Green address as its registered office, MGIC says it aims to provide seed capital of between £50,000 and £150,000 apiece to software and internet companies, with a particular focus on 'Web 2.0'.

One adviser says 'they are looking for tomorrow’s Google at the start-up stage’, with a focus on Israel because of its perceived receptiveness to internet innovation.

Another director, Israeli lawyer Moshe Bar Shilton, who owns security services and internet duty-free specialist Compuguard, has agreed to provide a convertible loan to MGIC equal to 23.33 per cent of the amount raised in the present equity offer.

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