Today (Wednesday), Israeli venture capital fund Qumra Capital announced the closing of Qumra III, the VCs third fund, totaling $260 million. The fund will continue investing in growth-stage startups.
“We’re looking for entrepreneurs that we believe can lead major companies”
Qumra Managing Partner Erez Shachar explains in a conversation with Geektime that most of the third fund’s investors have continued with Qumra from their first and second funds. “In addition, a few new institutional investors have joined from the U.S., Japan, and Europe. The third fund also saw leading Israeli CEOs and entrepreneurs join as investors, with a number of them coming from Qumra’s present and past portfolio companies.” Closing the third fund brings Qumra’s asset management portfolio to over half of a billion dollars.
Shachar said that the new fund, like its previous cousins, will focus investments in accelerating growth-stage startups. Shachar adds the terms that will put your startup on Qumra’s radar: minimum $10 million in sales annually, accelerated growth, and entrepreneurs and executive teams that build independent major market companies.
“We see ourselves as natural partners for teams looking to grow from $10 million in sales to over $100 million. Almost half of our existing portfolio companies have already surpassed the $100 million mark, and more are on the way,” adds Shachar. He further says that all the VC’s portfolio companies are run by the entrepreneurs themselves, something that Qumra strongly prides itself on: “Naturally, we’re looking for entrepreneurs that we believe have the potential to build and lead major companies.”
What are the fund’s goals?
“From day one, Qumra has set out to help build major independent Israeli market leaders. We’ve always believed that Israel has had the ability, but the necessary ecosystem was not as developed. Today, seven years after establishing the VC fund, we are witnessing our vision materialize in front of our eyes.”
And how have operations changed during COVID reality? According to Shachar, this one of the busiest periods for Qumra ever. “The vast majority of our portfolio companies have experienced accelerated growth through these times. In addition to the hard work invested in the portfolio companies, we also funded for Qumra III, our largest fund ever. The whole funding process was done over Zoom, without even once meeting with our investors,” Shachar said.
Qumra Capital was founded in 2014 and is led by Boaz Dinte, Erez Shachar, Sivan Shamri Dahan, and Daniel Slutzky. To date, Qumra has invested in 15 growth-stage Israeli startups, including public companies Fiverr and JFrog; and in Minute Media, IntSights, JoyTunes, AppsFlyer, Riskified, Talkspace, Guardicore, and more.