83North, the international venture capital firm, today announced that it has closed an oversubscribed new fund at $250 million. The fourth raised in eleven years, 83North IV brings total capital under management to $800 million. Building upon the successes of its existing funds, the new fund will be deployed in the best and brightest consumer and enterprise technology companies led by aspiring European and Israeli entrepreneurs.
83North started life as Greylock IL, an affiliate fund of Greylock Partners. Today, 83North is an independent firm investing in European and Israeli entrepreneurs. 83North is committed to help build global leading companies, with more than half of its portfolio companies having operations in the US.
83North now boasts a five-strong team of proven investing partners who have worked with the region’s most ambitious founders to create market-leading technology businesses. Laurel Bowden, Arnon Dinur, Gil Goren, Erez Ofer and Yoram Snir have backed more than 40 companies including Just Eat ($2.44Bn IPO) 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. In addition to a great team, 83North also have a world class team of special advisors which include JUST EAT’s recently departed CEO David Buttress (Who is now a non exec at JE) Måns Hultman (Former QlikTech CEO), Henry McCance (Chairman Emeritus of Greylock Partners) and Dave Strohm (Long term affiliate of Greylock Partners).
The new fund, 83North’s largest to date, demonstrates the on-going appeal of the firm’s unique model; providing a breadth of expertise and on-the-ground support in three strategic regions – Europe, Israel and the United States. 83North has an unrivalled ability to help founders successfully scale their businesses across the three markets.
“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,” he added.
“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, we have expanded our focus from primarily UK-headquartered start-ups 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 UK’s exit from the EU will accelerate activity in European tech hubs outside the UK. We believe this presents a big opportunity for venture funds, like 83North, that are already well-established in the wider European region.”