International venture capital firm 83North announced that it has closed an oversubscribed new fund at $250 million, which will be used to invest in the best and brightest consumer and enterprise technology companies led by aspiring European and Israeli entrepreneurs.
A press release detailed how this latest round of funding is the fourth raised in eleven years, bringing 83North IV’s total capital under management to $800 million. 83North now has a team of five proven investing partners, including Laurel Bowden, Arnon Dinur, Gil Goren, Erez Ofer and Yoram Snir, who have worked with entrepreneurs to create market-leading technology businesses.
“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,” said Yoram Snir, partner at 83North in Tel Aviv. “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.”
Some of the more than 40 companies backed by 83North include 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.
“It’s very encouraging for the European market to see such huge ambition to build global, category-leading companies. There have been fifteen exits valued at more than $1 billion that originated from Europe in the past five years, compared to only a handful prior,” said Laurel Bowden, partner at 83North in London.
“Since we started investing in Europe in 2008,” Bowden continued, “we have expanded our focus from primarily U.K.-headquartered startups to invest across the region and have now backed companies from France, Germany, Greece, Italy, Spain and Sweden. As we look to the future, the U.K.’s exit from the EU will accelerate activity in European tech hubs outside the U.K. We believe this presents a big opportunity for venture funds, like 83North, that are already well-established in the wider European region.”