Venture capital firm Jerusalem Venture Partners (JVP) said today that it has raised about $25 million for an annex fund to its JVP IV venture capital fund.
An annex fund is generally used for follow-on financing in portfolio companies of an existing venture capital fund. It allows the venture capital firm to add funds to the originally raised money.
According to JVP, the new annex fund will be used to strengthen JVP IV’s portfolio companies, prevent their premature sale, and enhance their business propositions
JVP specifically mentioned two companies: business intelligence software developer Qlik Technologies, which is looking ahead to an IPO, and mobile digital TV technology developer Siano.
JVP founder and managing partner Erel Margalit said, "JVP IV and its annex fund are able to create and develop companies with tens to hundreds of millions of dollars in revenues focusing on companies targeting the media, Internet and end user markets."
JVP manages 7 funds totaling over $800 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 8, 2010
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