She-VC“You cannot be successful in business if you are not involved in your community”
She-VC
“You cannot be successful in business if you are not involved in your community”
Yodfat Harel Buchris, Managing Director at Blumberg Capital, has seen and done it all and her message is clear: “lead by example and don't forget those who were there on your way up because you will meet them on your way down”
Yodfat Harel Buchris, Managing Director at Blumberg Capital, is clearly a leader in her community. From sitting on the board of non-profit organization Maoz to being one of the people leading the current protests for democracy in Israel, she is a beacon of light wherever she sets foot. “I believe in leading by example. I will carry the sofas here if we have an event. That is my basic foundation of ethics and how I do business today. Always be transparent, reliable and patient.”
Throughout her entire career Buchris has been involved in her community. Maoz, where she was a board member and recently retired, is a good example of that. “We have to make sure everyone has a place here (in Israel) regardless of political views, religion or geographic location. We have to find a common denominator and make everyone feel comfortable with who they are. The idea of Maoz is to minimize economic social gaps through leaders in the public and private sectors. I am of the opinion that you cannot be successful in business if you are not involved in your community. If you don't understand your surroundings it makes you a very mediocre manager.”
Buchris, who is turning 50 this year, was born in Jerusalem and has a long history with the city. “We are very connected to the city. My mother was also born in Jerusalem and my grandfather was injured in the Independence War during the attack on the Jewish Agency."
During her teens in Kfar Saba she was involved in her community at school. “I was the head of the student council and I was also on the national student council. It was part of the way I was raised. My family was very involved in our community.” Her passion came from her main role model and heroine, her grandmother. “My grandmother came to Israel from the Netherlands after the Second World War with my father, they were Zionists. During the Second World War she was part of the Dutch underground movement. It is an amazing story, a book was written about her and she received the Medal of Freedom. At home, we were raised to believe that if you want to change something then you need to actually do it. If you want something, you are the only one responsible to get it done and there is nothing you cannot do.”
After spending a year in the Netherlands, Buchris began working with her father. He retired from Discount Bank and opened his own company that focused on business development between Japanese and Israeli companies. “I came back to Israel to work with him and what was meant to take a few weeks turned into 10 years. I went back and forth to Japan many times and it was in Japan that I first felt the difference between men and women. The culture there was less favorable to women who don't speak the language (it was the early 1990s). For the first few years I walked behind my father, holding his bag, listening and not participating in meetings, taking notes and I felt that it is a very very hierarchical and chauvinistic society.”
Besides secretaries, Buchris never met leading business women in Japan. “I must say that towards the end of the 10 years the environment changed a bit and I began meeting aspiring young women. I even met a lady who used to be the head of a tech company but she was one of a kind.” In Japan, Buchris learned the meaning of patience, how to do business and fulfill promises and always keep your word.
After 10 years of doing business in Japan, Buchris wanted to spread her wings. She began working for Orbotech Venture Capital, eventually being handed the opportunity to open a new division. “My job was to buy companies around the world. After Japan, I found myself heading west and it was completely different. I was a young woman representing a huge conglomerate in large negotiations and it required a lot of preparation and work."
CTech's She-VC series follows the stories of various female partners and senior managers in venture capital funds in Israel. Only 16% of partners in Israeli venture capital firms are women, and only 9% are investing partners. This poses a liability regarding how many female founders will be able to receive investments and it speaks to the industry as a whole.
After Orbotech, Buchris moved on to work at a family office for the Zabludowicz family. “I was there for 10 years and managed the entire group. I sat on many public boards. My time there ended with a big fight over a bonus my team and I were entitled to and the fact that I was a woman was not perceived well by many people in the industry. I received comments such as ‘what are you fighting for, give up, it will harm you in the future etc’.”
However, Buchris refused to give up stating: “It was important for me to do it, for myself, but also for others. In business we should always be honest.”
In 2013, Buchris began investing out of her own family funds in different startups and joined the National Labor Court as an employer representative. “This is part of the idea of giving back. I had so many years of business experience in Israel and abroad that I felt the labor court is missing some of this knowledge and it is my duty to bring this voice to such an important place." In addition, Buchris joined the board of Discount Bank at the mere age of 42. "I joined when Yossi Bachar was chairman. I then worked with Lilach (Asher) and it was a real privilege, not just because she completely changed the DNA of the bank but because she also set an example for many young women around the country. It was a time when there were more female CEOs than ever before in the financial industry. These are very powerful and significant ladies that changed the financial sector in Israel post-2008, after the trauma of the crisis. I learned a lot from her on how to manage a political and traditional organization and take it to a completely new level and to always be in on the smallest details. She is one of the best CEO’s I have ever met."
Over the years, Buchris has been on many committees. “Recently I was on the appeal committee for the Israel Securities Authority. Being a part of the community and raising our voice for women and for more tolerance is very important to me."
Buchris joined Blumberg in 2018 and gave a real boost to their activities in Israel. She is the only female managing director, but in Tel Aviv her team consists of four women and one man. “He feels like a king,” Buchris jokes, “but we all feel like queens so it's okay.”
Blumberg was founded in 1991 and boasts over 70 active portfolio companies ,with one third having Israeli founders. “We have $1 billion under management and are currently raising an opportunity fund. The firm invests in B2B software in various industries such as cybersecurity, fintech, data, and AI.
Regarding women in deal flow, Buchris states: “I get 50 new opportunities per week and only one or two of those are female founders. It's better than it used to be but it is still specific to verticals and marketplaces. The statistics are surprising as in Unit 8200 there are many women, somewhere along the way they disappear. All of our CEOs know they need to pay attention to this when they recruit.”
Buchris is full of praise for women in business. “I noticed that the women who surround me are always over-prepared, perhaps it is because they are lacking confidence, I am not sure. Either way, they know everything by heart and analyze it all, bottom up and top down. I love working with women because of that, they are always precise and make us as women better at what we do.”
Buchris has three boys and when asked how she built her career and balanced parenting she replied with a story. “When my eldest finished sixth grade his teacher asked what he wanted to be and he said a businessman, just like my mom. I advise women to set an example, show your children what you are doing, keep them involved and, if possible, always pay for services. Try to find the best people to outsource to, grandparents are great but they have their own lives. I highly recommend it If you want to keep your house a home. Also, when you are with the kids, be with the kids. I don't always do it well, but I try my best.”
What tip would you give young women in the beginning of their careers?
“I was very inspired by Simone de Beauvoir, the first feminist. Her book really made an impact on me so I would say that if you have a belief and a dream you want to fulfill, find a mentor, think about your endgame and build your own path. Always try to think two steps ahead and find a mentor to help you get there.
“In addition, being a part of a community should be a part of everything you do. You are not alone, you are part of a team. Lead but don't forget those who are there with you. That is how you reach high places. Don't forget who was there on your way up because you will meet them on your way down.”
