Global venture capital firm Eight Roads Ventures today announced it had closed a $375 million third fund (ERVE III) for scaleups in Europe and Israel. The larger fund reflects the increasing number of growth stage companies looking for investment.
ERVE III will provide funding for fast-growing technology companies across enterprise, consumer, fintech and healthcare IT sectors. The London-based team will work to fill the resource gap which exists for many growth stage technology companies in Europe, and continue to help founders with key priorities from building out sales and marketing to geographic expansion. They will look for scaleup companies across Europe and Israel, backing a total of 15 to 20, with an average investment size of $10m to $30m.
Eight Roads Ventures said that, "With Israel establishing itself as a leader in a number of fast-growing verticals including cybersecurity, fintech, autonomous vehicles, and artificial intelligence, this market stands out for its global ambitions and talented pool of engineers. Eight Roads has been investing in Israeli entrepreneurs for close to a decade, with companies like AppsFlyer, a global leader in mobile marketing attribution, and Hibob, an emerging leader in Human Resources for small and medium enterprises."
Eight Roads Ventures Europe managing partner and head Davor Hebel said, “We find ambitious entrepreneurs across the continent but there is a real lack of credible scale-up advice and business-building experience to help them beat the odds. We will continue to support our entrepreneurs with our global platform and value-add team of operators as they take their companies from 50 to 500 employees and beyond. We are confident that with the right help the European ecosystem can systematically create $10bn+ global tech businesses.”
Israeli startup AppsFlyer cofounder and CEO Oren Kaniel said, “Eight Roads led our Series B round back in 2015 and since then has been a key partner as we’ve scaled our business internationally, growing from 75 to 400 employees in 13 offices around the world. They’ve remained a committed investor through our subsequent funding round in 2017, and the scale-up capital that they’re looking to deploy into Israeli companies will be hugely beneficial for the local ecosystem.”
Published by Globes [online], Israel business news - www.globes-online.com - on March 20, 2018
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