83North closes $250m VC fund

83North partners Photo: PR

The venture capital firm's fourth, oversubscribed and largest fund will invest in Israeli and European startups.

International venture capital firm 83North today announced that it has closed an oversubscribed new fund at $250 million. The fourth fund raised in eleven years, 83North IV brings total capital under management to $800 million. Building upon the successful experience of its existing funds, the new fund will invest in Israeli and European startups.

83North now boasts a five-strong team of proven investing partners who have worked with the region’s most ambitious founders to create market-leading technology businesses. Laurel Bowden, Arnon Dinur, Gil Goren, Erez Ofer and Yoram Snir have backed more than 40 companies including Just Eat, Telit, Hybris (acquired by SAP), ScaleIO (acquired by EMC), SocialPoint (acquired by Take-Two), Supersonic (merged with IronSource), Celonis, Mirakl, Via, Wandera, Workable and Zerto.

The new fund, 83North’s largest to date, demonstrates the on-going appeal of the firm’s unique model; providing a breadth of expertise and on-the-ground support in three strategic regions - Europe, Israel and the US. 83North helps entrepreneurs successfully scale their businesses across the three markets.

83North partner in Tel Aviv Yoram Snir said, “We continue to invest in all stages, with an emphasis on early investments, where we work side-by-side with founding teams to build companies from the ground up. Our model gives us access to some of the best talent in the world, meaning that we can add real value by exposing entrepreneurs to the best practices in each domain. Our Fintech portfolio is testament to this model, for example Ebury was founded in London, iZettle in Sweden, Marqeta in California and Payoneer started in Israel and is now headquartered in New York."

83North was formerly Greylock IL, an affiliate fund of Greylock Partners.

Published by Globes [online], Israel business news - www.globes-online.com - on April 5, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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83North partners Photo: PR
83North partners Photo: PR
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