Announcing their 7th fund, this wildly successful Israeli VC is already on its way to build a strong portfolio of early stage companies
Israel-based VC Pitango Venture Capital announced the launch and first closing of their 7th and latest fund on Tuesday, the aptly named Pitango Venture Capital 7.
According to their release to the press, the capital from this new fund will be directed at supporting “young companies at very early stages, including at the Seed Stage.”
Under the management of Rami Beracha, Eyal Niv, and Ittai Harel, the fund will seek out early stage companies in the fields of Life Sciences and IT, with a particular focus on Enterprise Infrastructure, AI, Digital Health, and IoT.
Despite only now emerging to the public, the new fund has already invested in one company and two platforms. In October, it was announced that Pitango took part in Graphcore’s $32 million Series A funding round along with Amadeus Capital Partners, Foundation Capital, Samsung, Bosch VC, and a number of other unlisted participants.
Going along with their goal of uncovering great ideas early, Pitango has set its sights on the opening of the funnel, putting money into Haifa-based incubator MindUp, and investment platform i3 Equity Partners.
Backed by major players in the Big Data and health spaces, including Medtronic, Rambam Medical Center, social tech investment fund Impact First, and IBM, MindUp is centered on companies developing technology for “improving and streamlining medical procedures.”
For its part, i3 with their partners from Qualcomm Ventures, GE, China’s HNA, Microsoft Ventures, Tel Aviv University, and TATA out of India, offer early stage entrepreneurs in the IoT space guidance and a million dollars to help get their ideas off the ground.
With a reported $2 billion under management, Pitango invests primarily in Israeli companies across a spectrum of sectors, including cyber security, hardware, and IT. While this new fund will work mostly with the younger level companies, the VC has stated that it will work in concert with their first Growth Fund, which works with later stage investments.
“Launching Pitango Venture Capital 7 is a part of Pitango’s new investment strategy — working in small, highly-focused investment teams, using two parallel investment vehicles — a Venture Fund and a Growth Fund,” explained Beracha in the statement to the press. “This strategy gives us the flexibility needed in today’s entrepreneurial world for initial investments in the early stages and leading large rounds in later stages.”
Looking at the past year, they have invested in a range of companies at different stages including Celeno Communications $38 million Series F round, SkyCure’s $16.5 million Series B, and Neura’s $11 million Series A.