Dovi Frances

Founding Partner

Dovi Frances is a financial services entrepreneur and founding partner of Group 11 (f.k.a. SGVC), a venture capital firm based in Los Angeles, California. Over the course of his career, Dovi has invested over $200 million in some of Silicon Valley’s most prominent and disruptive financial technology companies, including Tipalti, TripActions, HomeLight, SunBit, and Next Insurance. Dovi currently serves on the boards of Tipalti, SunBit, HomeLight, Papaya Global, Lili Bank, EquityBee, and Reali. He is also an Advisor to Addepar and TripActions, is a member of the Advisory Council of Leumi Bank U.S, and serves on the Steering Committee of Israel Collaboration Network.

Dovi earned an MBA from UCLA Anderson School of Management and a BA in Management and Psychology from Ben-Gurion University.

Hadas Sparfeld


Hadas is Chief Operating Officer and Chief Financial Officer at Group 11. She is responsible for all of the firm’s day-to-day operations and also oversees Group 11’s financial activities, including financial reporting, accounting, forecasting and budgeting, as well as tracking financial performance of portfolio companies.

Prior to joining Group 11, Hadas worked as an acquisitions manager for a $2B Los Angeles based real estate investment firm, and also as an executive director of the Adam and Gila Milstein Family Foundation, a Los Angeles based philanthropic fund. Prior to that, Hadas was a tax attorney with Ernst & Young. Hadas earned an MBA from UCLA Anderson School of Management and an LL.B from Tel Aviv University.

Devon Morris


Devon is Partner at Group 11 where he is responsible for overseeing deal structuring and execution, due diligence, portfolio management, and is a board observer for portfolio companies.

Prior to joining Group 11, he was at SG, an independent financial advisory firm to high net-worth clients. Devon received his BA in Art History, summa cum laude, from Humboldt State University.

Michelle Chang

Senior Associate

Michelle is Senior Associate at Group 11. She is responsible for evaluating new investment opportunities, executing transactions, portfolio maintenance, and supporting portfolio companies. Michelle conducts detailed financial analyses, aids in structuring and negotiating transaction terms, and assists portfolio company management with financial and strategic initiatives.

Previously, Michelle worked on the investment team at Avante Capital Partners, and in Los Angeles Mayor Eric Garcetti’s Office of Economic Development. Michelle is a graduate of the USC Marshall School of Business where she received an MBA, and the University of Southern California, where she received a BA in political science, summa cum laude.

Lian Kimia

Head of Business Development & Value Creation

Lian is Head of Business Development and Value Creation for Group 11. She is responsible for helping Group 11’s portfolio companies win through business development initiatives and sales and team growth referrals, while also driving investor engagement, marketing, and community building.

Prior to Group 11, Lian led community building efforts for Pritzker Group in the LA tech community, and also led international expansion efforts for the Harold Grinspoon Foundation.

Previously, Lian co-founded Axis Innovation in Israel. Lian is a graduate of UCLA where she received her BA in Political Science and International Relations.

Roxane Googin

Chief Futurist

Roxane Googin is a world renowned authority on macroeconomic technology trends and as of August 2020, the Chief Futurist of Group 11, one of Silicon Valley’s most sought after FinTech investors.

Prior to joining Group 11, Roxane was the editor of High Tech Observer, a long running invite-only publication read by institutional portfolio managers focusing on the technology sector. Roxane’s research focuses on inter-modal competition between historically disparate economic models forced into direct competition by technological advancements, as these tend to be the most disruptive.

Her bold predictions included the Internet boom during the depths of the LTCM credit crisis in 1998, the internet bubble demise in September 2000, and the introduction of smartphones and cloud computing in May 2002 through her much acclaimed article “Six Simultaneous Equations”, to name a few. Roxane Googin has a BS-EE from the University of Tennessee, and an MBA from the University of Virginia.

In addition to engineering experience in development and manufacturing, Roxane has experienced finance from the cradle to the grave: from venture capital, through equity analysis, to term and finally to asset-based lending. She uses her broad experience to envision the disruptions that are bound to come our way.

Cem Basar


Cem is an Analyst at Group 11. He is responsible for evaluating investment opportunities, performing deal due diligence, conducting financial analysis, and industry research.

Previously, Cem worked as an Investment Banking Analyst at Guggenheim Partners, within their Technology, Media, and Telecommunications (TMT) group. Cem is a graduate of University of Michigan’s Ross School of Business, where he received a Bachelor of Business Administration.

JT Mindlin

MBA Intern

JT is an MBA intern at Group 11. She is responsible for performing financial analysis, financial modeling, industry research, and company underwriting.

JT is currently getting her MBA from Columbia Business School. She is an InSITE Fellow, a highly competitive leadership development program in the entrepreneurship, technology, and venture space comprised of exceptional graduate students at top universities.

Previously, JT worked on the investment team at Overton Venture Capital, and in MediaLink’s Private Equity group. JT received her BA in Economics from Boston College.