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83North closes USD250m venture fund

83North has closed an oversubscribed new venture capital fund at USD250 million.

The fourth raised in 11 years, 83North IV brings total capital under management to USD800 million.
 
The new fund will be deployed in the best consumer and enterprise technology companies led by aspiring European and Israeli entrepreneurs.
 
83North has a five-strong team of 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, 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.
 
“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,” says 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.”
 
“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 USD1 billion that originated from Europe in the past five years compared to only a handful prior,” says 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.”

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