Vine Ventures eyes Israeli firms with $140-mn fund; Sarona floats VC vehicle

 Vine Ventures eyes Israeli firms with $140-mn fund; Sarona floats VC vehicle

Vine Ventures team

New York-based early-stage venture capital firm Vine Ventures has closed its second fund at $140 million, taking its assets under management to $243 million.

Fund II was backed by technology investors, founders, pension funds, and endowments, Vine said.

While Vine didn’t disclose the names of its limited partners, Israeli media reports said it was backed by marquee investors including Tiger Global Management, Goldman Sachs, General Atlantic, and Blackstone.

The founders of Carta, Shutterstock, and Hippo also backed the fund. The VC firm will dedicate half of the fund’s corpus to Israeli startups, local media reported.

The new fund will focus on investing in B2B companies in the cloud, cybersecurity, AI, data, and fintech sectors. It’s first cheques will range from $1 million to $10 million.

Vine’s Fund I was raised in June 2020. The firm said it is reporting an internal rate of return (IRR) of 251% from its first investment vehicle through the end of 2021.

The Fund I backed 16 companies, including Israeli startups Komodor and Compete.

The VC firm was founded by former Insight Partners and TA Associates executives Eric Reiner and Dan Povitsky. Both Insight and TA Associates are also heavily involved in Israeli companies.

Vine is also opening a new office in Tel Aviv, which will be headed by former Team8 executive Dean Meyer.

Sarona Partners Group

Israel-based Sarona Partners Group has launched a $20 million fund backed by private investors and wealthy families to invest in early-stage companies founded by local entrepreneurs.

The Sarona Ventures Fund has been backed by an impressive list of investors including founders of unicorns like TripActions, Verbit, Deel, ContentSquare and SumUP.

It is also backed by founders and managers of marquee global funds including Twitter and Slack backer Spark Capital and Green Bay Ventures, whose portfolio includes the like of Lime Dropbox, DocSign, Spotify and MoonPay.

Also backing the new fund is Indian-origin investor Anish Acharya, general partner at Andreessen Horowitz.

The new fund has already made at least one Series A investment; it backed TINT, a startup that allows tech platforms to embed insurance and regulations into products. TINT was a graduate of the Y Combinator program.

Sarona Partners said that the new fund will primarily back companies that have completed its 365x scale-up programmes, as well as companies who have graduated from US accelerator Y Combinator.

Sarona Ventures was founded in 2017. The group has backed more than 300 companies, including at least seven unicorns. It is led by chairman Philip Bouaziz and chief executive officer Toot Shani. It is primarily backed by the Bouaziz family office investment house.

Aman Malik

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