While Israel's major venture capital funds struggle to raise money from the country's institutional investors, Glilot Capital Partners, which invests mainly in cyber security, is in very advanced stages of raising its second fund, which will total $70 million, sources inform "Globes."
As far as is known, the "mini" venture capital fund, which has recorded substantial success with its first venture capital fund raised at the end of 2012, already has commitments for the full amount, even though the capital raising has not yet been completed, and the final amount of the fund not yet set.
Glilot Capital makes seed and early stage start-up investments in Israeli technology companies and the fund's heads want to keep the same modus operandi in the second fund, actively supporting young start-ups through to exits. The fund's investors are institutional bodies and private investors.
The people behind Glilot Capital are unusual and include interesting names such as founders Kobi Samboursky and Arik Kleinstein who have been joined by Sallai Meridor, Aaron Abramovich and Gordon England. The founders are venture capital investors and former IDF Intelligence Corps. officers while Meridor, the fund's chairman, was Israeli Ambassador to the US, Abramovich served as director general of the Ministry of Justice and Ministry of Foreign Affairs for 10 years, and England was US deputy secretary of state for defense. Glilot's management also includes former journalist Batya Feldman.
The first fund's portfolio has reportedly earned triple digit returns and includes Insightera, which was sold to Marketo Inc. (Nasdaq: MKTO) at the end of 2013 for $30 million, and Aorato, which was sold to Microsoft last month for $200 million. Glilot reportedly held a 30% stake in Aorato for its $2 million investment and also made handsome returns on Insightera. Other companies in the portfolio include BlazeMeter, prticor, CyberX, YouAPPI, and Light Cyber.
Published by Globes [online], Israel business news - www.globes-online.com - on December 29, 2014
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