Pitango Venture Capital closes $270m sixth fund
New investors in Pitango VI are mainly from China, India, Taiwan, and Korea, and are making their first investments in Israel.
Pitango, founded by managing general partners Chemi Peres and Rami Kalish in 1993, now has $1.6 billion under management. It has invested in 180 companies to date.
Pitango increased the financing for the Pitango VI Fund by $20 million above the initial target in response to high demand. The new fund will invest in technology ventures, focusing on companies with strong growth and profitability potential that target global markets. It will fund companies from the seed stage through the growth stage
Peres and Kalish said in a joint statement, "Pitango VI will continue to implement Pitango's strategy of investing in extraordinary entrepreneurs and groundbreaking ideas, unique Israeli products and technologies that will lead to important improvements in a variety of areas in our lives and will help shape the future. Together with the new investors who have joined the fund, we are opening doors to new opportunities in growing markets that seek Israeli innovation. We will continue to support and strengthen high-tech companies that are category leaders for the long term. These companies contribute to Israel's continued economic growth, create new jobs and increase the GNP."
"We certainly see a growing interest from Asia in Israel that is reflected in more private groups investing in VCs, companies, making acquisitions and building R&D centers,” Peres told "TechCrunch." “The collaboration model is becoming more westward than before, and we see less interest in creating joint ventures.”
Published by Globes [online], Israel business news - www.globes-online.com - on October 1, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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