Israel Innovation Seminar

Left to right: Yossi Vardi, Lars Faaborg-Andersen, Avi Hasson

2014

EU - Israel Innovation Seminar

THE PLACE OF VENTURE CAPITAL IN THE INNOVATION ECOSYSTEM

EU - Israel Innovation Seminar The Place of Venture Capital in the Innovation Ecosystem

15 September 2014

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Contents

SUMMARY ......................................................................................................................... 3

PROGRAMME .................................................................................................................... 9

PARTICIPANTS ................................................................................................................. 11


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SUMMARY

Over 120 people attended the fourth annual EU Israel Innovation Seminar on 15 September

in Tel Aviv. This year's seminar took place in the framework of the International DLD

Innovation Festival and was organised by the EU Delegation together with the association of

Israel Advanced Technologies Industries and ISERD, the Israel Europe R&D Directorate.

Close to 50 participants from 13 EU Member States joined their Israeli colleagues and EU

trade and science counsellors for a day of brainstorming on the Role of VCs in the Innovation

Ecosystem. VCs, angels, microfunds, start ups, government and academia representatives

compared and debated the latest VC and funding trends in Israel and in the EU. The seminar

was opened by Yossi Vardi, chair of the DLD Innovation Festival, Avi Hasson, Israel's Chief

Scientist and Lars Faaborg-Andersen, Head of the EU Delegation.

The following is a summary of the main insights from the seminar. A recording of the entire

seminar is available on the EU Delegation's Youtube site

https://www.youtube.com/playlist?list=PLjqRjw2JtiLAMsvxzHR5z5yzXkFWBPH6J

EU Israel Cooperation

The seminar reflects the EU Israel ecosystem. The EU is Israel's main trade partner and there

is long standing research and high tech cooperation. There has been increasing European

investment in Israel by major European companies including nearly all the

telecommunications companies as well as many in the high tech and energy sectors. This is

a win-win situation for all of us.

International cooperation is essential because none of us have all the intelligence or all the

answers. We learn from each other's experience and adapt and adopt models. Initiatives

based on Israel's Yozma and other programmes of the Office of the Chief Scientist are being

implemented in EU countries. Israel's Office of the Chief Scientist (OCS) will itself be

transformed into a National Technology Innovation Authority which will include a flexibility

that can be found today in some EU government programmes. It is in our interest to work

together to achieve mutually beneficial goals. Horizon 2020 is one of the available tools for

cooperation.

The EU can learn from Israel's risk taking ethos which not only does not shun failure, but

sees it as a positive step on the road to success. Israel can learn from Europe's work ethic,

productivity and the professionalism that comes from a deeply rooted industrial tradition.

Ideally, we would find the right balance between "Israeli mess" and "European rigidity".

The possibility of creating an EU-Israel- U.S. triangle was raised.

https://www.youtube.com/playlist?list=PLjqRjw2JtiLAMsvxzHR5z5yzXkFWBPH6J


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The Importance of Always Being One Step Ahead

Change and disruption are a constant. We need to adapt and evolve with changing

conditions and technologies. For VCs this means both in format and content. We see VCs

setting up their own incubators and accelerators. We also see them moving on to new

sectors.

VCs must work against the grain; not wait for the deal flow, but be proactive. It is crucial not

only to identify and create a new category, but even more to lead in that new category.

It is important to identify a country's competitive edge. For Israel at the end of the 1990s,

this was telecommunications technology. Today it is perhaps media where Israel could be a

buffer between core technologies and the content world or perhaps cyberspace. New

trends in distributive energy generation also mean that clean tech is making a comeback

which Israeli technologies could exploit. Greece's strengths lie in life sciences and advanced

technologies. Hungary is very strong in mathematics which gives them an advantage in

algorithm based companies.

The Arabic speaking media market has over 120 million users connected to the internet.

The Gulf market has the highest internet and smartphone penetration as well as substantial

purchasing power. The huge lack of content for this market has been identified by VCs and

other investors who focus on entrepreneurs among the Arab minority in Israel, Palestine and

other Arabic speaking countries. (See also under "Gaps" below)

Nokia is an example of failing to keep ahead of the game. The company believed that it

owned all innovation.

Countries in crisis offer the best time to invest – this is the time that their young people and

entrepreneurs will come out and shine.

Who and What has Changed? Democratisation

There has been a tectonic shift in investment activities. Today almost anyone can

participate in early stage investment. There are a number of reasons for this

democratisation. Some are technology related such as open sources and the cloud. Another

reason is that today the entrepreneur is able to directly address the consumer market

which is the largest market. There is no longer a need for the "guys in suits" – which was a

particular weakness for Israelis.

One of the major changes since 2008 is that today less money is needed to build a company.

For some companies, an investment of only $300,000 to $400,000 is sufficient for them to

become profitable. Nevertheless, it was pointed out that most companies still require a few

million.


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Angel investing has become a material part of the ecosystem. Not all angels are the same.

There is a huge difference between handing out money and sitting down with the founders

to help them develop their company. Today, in Israel and increasingly in Europe, a

substantial number of entrepreneurs are coming back after successful exits to invest in their

area of expertise. Since they are not accountable to other investors, they do not have to

carry out in depth due diligence, they can move more quickly and can rely quite heavily on

their intuition. The team is often the main factor for angel investors.

A crowdfunding equity platform launched in Israel is an example of a new investment

model. This hybrid of VCs and angel networks provides a new class of investors with the

opportunity to participate in a VC type investment and provides companies with access to a

number of investors who act and appear as one VC entity. 80% of the investors in a recent

month were first time investments in a private company. These are not the classic angels but

private wealthy accredited investors who have the money, but not the knowledge or the

networks. The platform provides the standard VC services - investment team, due diligence,

advisors, negotiations. It is generally able to launch the deal more quickly than a standard

VC. The launch is sent to a network of over 5,000 "angel investors" who can invest from

$10,000 i.e. a very low minimum entry price. A special entity is created which invests as one

entity.

The platform also has an umbrella agreement with strategics that enables them to invest at

a much lower ticket rate, a 6 digit figure, than normally. This also works to the advantage of

the entrepreneur who does not want one company to make the entire investment.

Strategics as Investors

Different views were expressed on the value of strategics as investors. It was agreed that

strategics have become more professional and have understood that if they are to be

successful they must employ quasi or actual venture capitalists rather than executives. If

strategics are accepted, they should not be given automatic first refusal nor should they be

given seats on the board. Like the VCs, they should assist the companies in which they

invest. On the positive side, it was noted that corporates invest at a very early stage, that

they are more strategic thinkers and have more patience. They also give a great deal of

validation to young start up companies. The latter must find the right balance to ensure that

their agenda is not hijacked. So collaboration makes sense when the large corporation and

the start up have something in common. In some cases, multiple strategics investment

would be the best.

(See also under "Gaps" below)

Where are the Gaps?

We tend to underestimate the importance of inventions, and inventing, which is an

absolutely necessary part of the innovation chain. Invention is a real profession and as such

requires practice, coaching and promoting skills. The innovation system is a continuum with


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well specified steps. Inventions are too early for VC funding. Europe's lack of understanding

of the need to support invention and inventors slows down Europe.

A gap was noted in the EU for companies with an experienced team with a proven track

record, but who are pre-revenue, pre-production and pre-launch. This problem is

compounded if the product to be launched is in a field unfamiliar to most investors. Angels

prefer companies to which they know they can add value. For VCs, it is too early. A new

model is needed that would enable more sophisticated investments so that investment

would be in teams not just revenue or traction. If there is only interest in investing in

growth companies, there is a problem. This may explain why some companies consider

moving to the U.S. or elsewhere.

It was also noted that many EU and European national funding programmes place a

counterproductive emphasis on "sustainability". Entrepreneurs are required to prove that

they will be able to sustain the results of the implemented projects for at least 2-3 years. As

a result, start ups are reluctant to close down a failing company when closing down would

have freed them up to work on a new project during this time. This is another

manifestation of the European misunderstanding of failure. In Israel, however, the OCS

system of "soft loans" provides partial grants (30-50%) which do not have to be repaid if the

project fails. Grants given to successful projects become loans whose repayments go back

into the OCS fund. This is model that it would be useful for the EU and Member States to

adopt.

Israel has a less sophisticated and developed financial system than the U.S. There is a real

lack of capital in A and B rounds. The best solution is often to bring in multiple strategics.

The Israeli ecosystem is currently really hurting on B rounds. A vacuum exists.

Countries that are "catching up" need to build an ecosystem from scratch. The Israeli Yozma

programme has served as a model in some countries because of its emphasis both on

educating people to be VC managers and on the catalysing role of government funding. The

EU's Jeremie programme (based on 70/30 public private funding) has contributed to the

building of, among others, the Greek and Hungarian ecosystems. In some cases, the

ecosystem had to be built back to front. The investors preceded the entrepreneurs. The

former had to develop the deal flow and bring in expertise from their country's "diaspora"

and other outside connections.

The case of Palestine is abnormal. The private sector has taken on the role of government

and set up the infrastructure including incubators and support systems. Support has also

been provided by international donors.

The Arab minority in Israel has remained outside the "start up nation". There is a huge

talent base without access to venture funding or to Israel's strong ecosystem. Based on the

original Yozma model , a venture fund, supported by both public and private funding, has

been established to try to close this gap. A second purely private VC fund has since been set

up which will focus on the Arab minority in Israel as well as Arab entrepreneurs outside

Israel. Regarding localisation, the intention is not to simply copy ideas from outside the


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region, but to interpret them in a manner appropriate to the local market mentality. A

unique expertise is required to carry this out successfully.

(See also under "One Step Ahead" above)

Exit vs Building a Company

There is an ongoing debate in Israel about whether there are too many early exits and if so

whether these come at the expense of building larger companies. The 80/20 rule applies in

Israel – 20% of the exits provide 80% of industries returns.

One of the reasons that Israeli companies are acquired earlier is that they are somewhat

“precocious”. They are often ahead of the crowd having developed very advanced products

for which, in the early stage, it is not clear that there is a market. This is not necessarily

negative. It has brought multinationals to Israel which contributes to the Israeli high tech

ecosystem. It is worth noting that 80% of investment in Israel is international.

We are seeing bigger and bigger exits. The ecosystem is maturing. Entrepreneurs are usually

on their second start up and there are strong investors around the table. This sends the

message that a big company is being built. It should also be remembered that in the bubble

years, most companies had meagre revenues. They did not have the choice of building a

company. It takes a minimum of 5 years, often 10-12 to do this. The ability to say no is very

important. The experience gained by repeat entrepreneurs backed by partners with similar

positive experience provides the stamina and courage to go through critical junctures and to

say no very early on. U.S. investors tend to be more impatient as they have a larger

portfolios and are used to seeing their investment grow quickly. Pressure mounts when it

looks like the market is changing. The decision is also the VC’s.

There is also a question of supply and demand. It is the technology companies that write the

big checks. In constant need of new markets, they themselves fear being swallowed up. The

relatively new phenomenon of secondary markets, however, provides the means to build up

companies without premature exits.

As the industry in Israel, matures we see an interesting phenomenon. On the one hand, the

“Israeli discount” is very much in place in early stage where we see a 70% discount of A

round financing when compared to the U.S. On the other hand, when it comes to exits, the

gap is much closer because of the maturity of the entrepreneurs, investors and advisors.

Right now there is a market failure for investing in Israeli early stage which means that there

is an amazing opportunity for investors.


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Funding Lessons from a Successful Israeli Start Up

Main slides from Feedvisor presentation

Decided to skip pre-seed stage

Bootstrapped for 1 year

Came to seed round with working product, first customers, first revenue

Raise all at once or iteratively?

From VCs or angels?

How to avoid fatal mistakes?

Raised seed capital iteratively

Raised from micro funds - Institutional (professional) capital - Ability to participate in later rounds - Strong board members that can greatly assist in initial phases of company

building

Simple and fair structure

VCs completely different set of requirements

Who should be your partner doer or banker?

Raise in Israel or abroad?

Understand your direction and assess your future capital needs

Choose your investor, don't let him choose you

Raise from position of strength

Prepare materials

Understand the market (went on roadshow in US and EU before raising funds in Israel in order to understand how investors see the company, and to help identify what we want to achieve)

Alexandra Meir – EU Delegation to the State of Israel


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PROGRAMME

PROGRAMME

Gathering & Coffee 8:30

Registration 9:00 – 9:30

Opening session 9:30-10:00

Chair: László Korányi Vice President for International Relations and Domestic Affairs, National

Innovation, Office Hungary

Ambassador Lars Faaborg-Andersen Head of the EU Delegation to the State of Israel

Greetings

Avi Hasson, Chief Scientist of the Israeli Ministry of Economy and Chairman of ISERD's Steering Committee

Greetings

Yossi Vardi, Chair DLD Greetings

SESSION 1 VCs in a Changing World – Panel Discussion

10:00 – 11:45 tbc

Moderator: Yoav Chelouche, co-chair IATI Panelists: Loukas Pilitsis -Venture Capital and Private Equity Group ( Piraeus Bank) Head, Greece Pekka Roine – Foundation for Finnish Inventions, Chairman of the Board, Finland Robert Cohen – Benson Oak, Managing Partner, Czech Republic Ilan Goudsmit - Van den Ende & Deitmers, Business Analyst, the Netherlands Imre Hild - iCatapult - Founder and CEO, Hungary

Adam Fisher – BVP, Partner, Israel Gadi Mazor – OurCrowd, General Partner, Israel Gadi Tirosh – JVP, General Partner, Israel Astorre Modena – Terra Ventures, Managing Partner, Israel Yahal Zilka – Magma, Co-Founder and Managing Partner, Israel

Coffee break 11:45 – 12:00

Facilitated discussion with the audience 12:00 – 12:30

SESSION 2 Different Perspectives - Testimonials from the Field - Panel Discussion

12:30– 13:30 tbc Introduction to the Session: Marcel Shaton, General Manager, ISERD

Moderator: Stefan Rizor, Senior Partner Osborne Clarke

http://www.nih.gov.hu/english


http://eeas.europa.eu/delegations/israel/index_en.htm

http://www.moital.gov.il/NR/exeres/A1541A69-E947-4FAF-8577-76864F59CD1F.htm

http://www.moital.gov.il/NR/exeres/A1541A69-E947-4FAF-8577-76864F59CD1F.htm

http://www.dldtelaviv.com/

http://www.iati.co.il/

http://www.piraeusbankgroup.com/en/group-profile/groups-presence/greece/venture-capital-and-private-equity

http://www.keksintosaatio.fi/

http://www.bensonoak.com/

http://www.endeit.com/

http://www.icatapult.co/

http://www.bvp.com/israel

https://www.ourcrowd.com/

http://www.jvpvc.com/

http://www.terravp.com/

http://www.magmavc.com/

http://www.iserd.org.il/

http://www.osborneclarke.com/


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Panelists: László Korányi VP International Relations and Domestic Affairs, NIH, Hungary Dr. Ehab Farah, Partner, Al Bawader, Israel

Itzik Frid, CEO & Managing Partner, TAKWIN, Israel

Dr. Abdul Malik Al Jaber, Arabreneur, Chairman and Founder, Palestine Victor Rosenman, CEO Feedvisor, Israel Chris Yerbey, Founder and CEO, Scrap Connection, the Netherlands

Facilitated discussion with the audience 13:30 – 14:00 tbc

Networking Lunch 14:00 – 15:00


http://www.al-bawader.com/

http://www.ameliainvestments.com/siteFiles/13/149/5857.asp

http://www.arabreneur.com/

http://feedvisor.com/

http://www.scrapconnection.com/


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PARTICIPANTS

Country First name Last Name Title Company Email

Austria Bernd Plank

Creative Director JMC

[email protected]

Austria Cathrin Waltl

Managing Director

JMC [email protected]

Austria Guenther Schabhuettl Commercial Counsellor

Austrian Embassy [email protected]

Austria Josef Mantl

CEO JMC [email protected]

Austria Phillip Hödl

Consultant JMC [email protected]

Austria Shai Yufsan Business Development

Austrian Embassy [email protected]

Czech Republic

Branislav Gal Commercial Counsellor

Embassy of the Czech Republic

[email protected]

Czech Republic

Pavlina Schultz Commercial Section

Embassy of the Czech Republic

[email protected]

Estonia Silver Loit Deputy Head of Mission

Estonian Embassy [email protected]

EU Alexandra Meir Policy Officer Scientific Section

EU Delegation [email protected]

EU Eyal Inbar

Economic and Trade Affairs Manager


EU Luigi Pratolongo

Head of Trade and Economic Section


Finland Heidi Hook Intern Finnish Embassy [email protected]

Finland Jonathan Miodowski Commercial Attache

Finnish Embassy [email protected]

Finland Leena-Kaisa Mikkola Ambassador Finnish Embassy [email protected]

Finland Pekka Roine Chairman of the Board

Foundation for Finnish Inventions

[email protected]

France Laurent Melki LMK Consulting

Germany Anke Popper

Head of Economic and Commercial Section

German Embassy [email protected]

Germany Gabriele Hermani Science Counsellor

German Embassy [email protected] [email protected]

Germany Stefan Rizor Senior Partner

Osborne Clarke [email protected]

mailto:[email protected]






















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Greece Alexandros Alexiadis

Head of the Office of Economic and Commercial Affairs -First Counselor

Greek Embassy [email protected]

Greece Gregory Kafasis

Manager, Shared Services & Business Control, Shared Services Center, Greece and Israel

Alfa Laval AEBE [email protected] [email protected]

Greece Loukas Pilitsis Head Venture Capital and Private Equity Group

[email protected]

Hungary Gabor Dehelan Budapest Launchpad [email protected]

Hungary Gabor Marki Hungarian Embassy [email protected]

Hungary Imre Hild Founder and CEO

iCatapult [email protected]

Hungary László Korányi

VP International Relations and Domestic Affairs

National Innovation Office

[email protected]

Hungary Tamas Muller StartupSexit [email protected]

Hungary Tamas Turcsan SmartUp [email protected]

Hungary Tristan Azbej Counsellor (science and technology)

Hungarian Embassy [email protected]

Ireland Clyde Hutchinson NASC Connect, IIBN, FWD

[email protected]

Ireland Julian Claire

First Secretary, Deputy Head of Mission

Embassy of Ireland [email protected]

Israel Adam Fisher Partner BVP [email protected] [email protected]

Israel Adee Matan Consultant [email protected] [email protected]

Israel Amir Guttman Partner Aviv Capital Venture [email protected]

Israel Amnon Samid CEO Bitmint [email protected]

Israel Astorre Modena Managing Partner

Terra Ventures

[email protected] [email protected]

Israel Avi Hasson Chief Scientist

Ministry of Economy [email protected]

Israel Avi Messica College of Management

[email protected]






















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Israel Blayne Wiggins Afik & Co Attorneys & Notary

[email protected]

Israel Denes Ban Venture Partner

Ourcrowd [email protected]

Israel Didier Joseph

Bismuth Israel Europe M&A Activity Leader

Deloitte Israel [email protected]

Israel Ed Frank CEO Axisinnovation [email protected]

Israel Ehab Farah Partner Al Bawader [email protected]

Israel Jonathan Elkins Headline Media

Israel Elyakim Kassel

International Business Development and Investment

[email protected]

Israel Emanuel Timor Managing Partner

Vertex Venture Capital [email protected]

Israel Gadi Mazor Partner Ourcrowd [email protected]

Israel Gadi Moshe Managing Director

SVB [email protected]

Israel Gadi Tirosh General Partner

JVP [email protected] [email protected]

Israel Gigi Levy-Weiss Angel Investor


Israel Guy Gamzu Angel Investor

[email protected]

Israel Guy Israeli Consultant Ventures Advisor

[email protected]

Israel Itzik Frid CEO and Managing Partner

Takwin [email protected]

Israel Meirav Meluban Shalmor Communications

[email protected]

Israel Orr Hirschauge Wall Street Journal [email protected]

Israel Viktoria Kanar

Israel Linda Kedem General Manager Rainier

Communications

[email protected]

Israel Lori Solberg CEO

Beego [email protected]

Israel Marcel Shaton General Manager

ISERD [email protected]

Israel Michal Roche Marketing Communications Manager

Feedvisor [email protected]

Israel Oran Kochavi Marketing & Innovation Director

Terralab Ventures [email protected]

























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Israel Ori Glezer Managing Director

IDC Elevator [email protected] [email protected]

Israel Patricia Lahy-Engel Director TheHive by Gvahim [email protected]

Israel Paz Hirschman Resource Development

Tzofen [email protected]

Israel Rami Gazit

Entrepreneur, Lean Startup evangelist and lecturer

Technion: Chief Mentor – BizTEC

[email protected]

Israel Ran Arad

Director of Bilateral Programs & SME Instrument NCP


Israel Roi Wiesner CEO Hutchinson Kinrot [email protected]

Israel Roman Lasker CEO Uppspace [email protected]

Israel Ruthie Wyshogrod Tsofen [email protected]

Israel Shai Melcer Executive Director

BioJerusalem [email protected]

Israel Sima Amir

Director International Business Development

Manufacturers Association

[email protected]

Israel Simon Weintraub Partner Yigal Arnon & Co


Israel Smadar Nehab CEO Tsofen [email protected]

Israel Stephanie Hospital Angel Investor

[email protected]

Israel Susie Doring Preston

Project Manager

Konrad Adenauer Stiftung Israel

[email protected]

Israel Uri Marchaim

Head, Dept of Biotechnology, Dept of Regional Development

Migal [email protected]

Israel Vered Ariel-Nahari

Director of Marketing Communications


Israel Victor Rosenman CEO Feedvisor [email protected]

Israel Yahal Zilka Co-founder & Managing Partner

Magma

[email protected] [email protected] [email protected]

Israel Yair Margolin

Chief Revenue Officer and Cofounder

Feedvisor [email protected]

























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Israel Yaniv Jacobi Managing Partner

Orzyn Capital [email protected]

Israel Yoav Chelouche Managing Partner & Co- Chairman

Aviv Capital Ventures & IATI


Israel Yossi Vardi Internet Entrepreneur

[email protected]

Israel Zvika Weiss CFO Capital Nature [email protected]

Israel/Czech Republic

Robert Cohen Managing Partner

Benson Oak Capital [email protected]

Lithuania Arturas Jonkus RottenWiFi [email protected]; [email protected]

Lithuania Dovydas Varkulevičius

Director, Entrepreneurship Department

Enterprise Lithuania [email protected]

Lithuania Gintarė Micevičiūtė

communications project manager


Lithuania Urbonas

Henrikas Rapolas

Cloud Mic

Lithuania Mindaugas Zagorskis

Pipelinepharma [email protected]

Lithuania Reda Stare PlateCulture [email protected]

Lithuania Rimantė Ribačiauskaitė Project Manager


Lithuania Rytis Lauris-Laurinavičius

Soundest [email protected]

Lithuania Sarunas Legeckas

PlaceILive [email protected]

Lithuania Saulius Kolyta Commercial Attache

Lithuania's Embassy [email protected]

Lithuania Simona Andrijauskaitė

Cloud Mic [email protected]

Lithuania Tadas Deksnys Inside Warehouse [email protected]

Netherlands

Arjen Kool Head Economic Department

Embassy of the Netherlands

[email protected]

Netherlands

Channa Nieuwenweg Innovation and Public Diplomacy


[email protected]

Netherlands

Chris Yerbey Founder and CEO Scrap Connection

[email protected]

Netherlands

Daan Weddepohol Peerby


Netherlands

Ilan Goudsmit Business Analyst

Van den Ende & Deitmers

[email protected]

Netherlands

Jesse Siegers Economic Department


[email protected]

Palestine Abdul Malik Al Jaber Chairman and Founder

Arabreuner [email protected]





























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Palestine Dima Abumaria Work Factory

Palestine Mohammed

Khateeb CEO Bridge Development Corp

[email protected]

Poland Bobak Przemysław Counsellor Polish Embassy [email protected]

Poland Dariusz Zuk CEO Network Entrepreneurial Poland

[email protected]

Poland Krzysztof BARTOSZ Counsellor Polish Embassy [email protected]

Poland Łukasz Skiba

Managing Director

Network Entrepreneurial Poland

[email protected]

Poland Marcin Kozłowski

Global Manager

Network Entrepreneurial Poland

[email protected]

Romania Claudia Tasedan Trainee Embassy of Romania [email protected]

Romania Emanuela-Alisa

NICA Associate Prof., Ph. D.

Univ.Europei de Sud Est LUMINA, Bucharest

[email protected]

Slovenia Darja Ferlež Deputy Head of Mission

Slovenian Embassy [email protected]

Spain Emma Cabrero de Cabo

International programmes

Spanish Embassy [email protected]

Spain Gaby Kadinsky CEO UDOBO [email protected]

Spain Jordi Medina SISTEMES I XARXES INFORMÀTIQUES CALIDAE, SL

[email protected]

Spain Jordi Pineda Payrandom [email protected]

Spain Pablo Casado INCUBIO PARTNERS

[email protected]

Sweden Julia Fielding

Second Secretary- Consular, Economic, Trade and Cultural Affairs

Swedish Embassy [email protected]

Sweden Anastasia Pirvu Swedish Embassy
















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