Grove Ventures Raises $ 185 Million Fund for Start-ups | Business
TEL-AVIV, Israel – (BUSINESS WIRE) – January 6, 2022–
Grove Ventures a Tel Aviv-based start-up venture capital firm, today announced the closure of “Grove III”, a $ 185 million fund that will partner at an early stage with outstanding Israeli entrepreneurs.
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The Grove Ventures team. Photographer: David Garb, courtesy of Grove Ventures (www.grovevc.com).
The closing of the third fund underscores the success of the Grove Ventures team and investment strategy. The fund focuses on partnerships with founders who are building the Deep Future – the infrastructure that enables a leap forward for the technologies and digitization processes of tomorrow and that will shape the future of the world. It will focus on technological and scientific innovations in areas such as Edge Computing, Cloud Infrastructure, Data Infrastructure and Management, Developer Tools and Software, DevOps, AI and Automation. The fund’s vast team, which includes the entrepreneurs-turned-investors behind S&P 500 SolarEdge and M-Systems (acquired by SanDisk for US $ 1.6 billion), uses its resources to give its portfolio companies maximum value through access to additional funding and support for HR and managerial recruitment, marketing, sales, connection to its business network, etc.
With the announcement, Grove Ventures will have nearly half a billion dollars under management. So far, his thesis has been promulgated in investments of more than 24 companies, including Wiliot, RapidAPI, ActiveFence, Lumigo, Metrolink, Navina, env0 and CommonGround. Grove III will also invest in early stage Israeli startups (Pre-Seed, Seed and Series A).
The fund also officially announced the promotion of Renana Ashkenazi from principal to general partner. Ashkenazi is a graduate of Unit 8200 and Nonwestern University. He previously led a product team at Applied Materials. She joins Managing Partner Dov Moran, inventor of the USB flash drive that sold M-Systems to SanDisk for more than $ 1.6 billion; Lotan Levkowitz, who comes from a diverse background as an advisor and investor; and Lior Handelsman, one of the founders of SolarEdge, the only Israeli company listed on the S&P 500 index and a graduate of Unit 81, one of the IDF’s top intelligence units.
Grove Ventures partners released a joint statement, saying : “We are delighted to announce Grove III. We thank our LPs for their trust and for the opportunity to support the next generation of businesses that will propel technological advancements and digitization processes to propel the future of the world. We are living in a difficult and fascinating time when the world is becoming more digital than ever. We are working to be a home for Israeli founders who are building significant technological innovation and infrastructure and creating game-changing companies ”.
About Grove Ventures
Grove Ventures is an early stage venture capital investment firm, teaming up early on with outstanding Israeli entrepreneurs who believe the Deep Future is now and are ready to build it.
Founded in 2016, Grove invests in leading startups developing hard-to-replicate solutions at the intersection of technology, science and applicable market needs. His investment thesis is based on the premise that Edge, Cloud, and AI create a new set of investment opportunities across multiple industries, including development tools, data infrastructure, semiconductors, digital health. and cloud infrastructure, among others. The fund’s fundamental principles put people first, close cooperation and the creation of value. Grove’s team of seasoned investors, seasoned entrepreneurs and business builders provide startups with the support they need to become great companies.
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CONTACT: Ben Ofer
KEYWORD: UNITED STATES NORTH AMERICA ISRAEL MIDDLE EAST
INDUSTRY KEYWORD: TECHNOLOGY SECURITY TELECOMMUNICATIONS NANOTECHNOLOGY SOFTWARE NETWORKS INTERNET HARDWARE DATA MANAGEMENT CONSUMER ELECTRONICS
SOURCE: Grove Ventures
Copyright Business Wire 2022.
PUB: 06/01/2022 07: 00 / DISC: 06/01/2022 07:02
Copyright Business Wire 2022.