Israel Cleantech Ventures (ICV) has held the final closing of its second fund with just above USD74m in commitments.
Having raised its debut fund in 2007, ICV now has approximately USD150m under management.
ICV’s second fund has attracted new limited partners, including institutional investors, multi-national corporations and family offices. Many of its existing LPs also re-upped from the previous fund.
The fund is managed by partners Jack Levy, Meir Ukeles and Glen Schwaber working together with a team of venture partners – all industry veterans – led by Arnon Goldfarb, with nearly two decades of experience at Israel Chemicals and five years as chief executive of a water infrastructure company.
The firm will continue its strategy of investing in Israeli-based or Israel-related high growth, clean technology, early and growth stage companies. To date, it has invested in 15 companies and seeks opportunities across diverse cleantech sectors including clean materials, wastewater treatment, alternative energy generation, energy storage and efficiency, green building, smart grid, process efficiency technologies and sustainable agriculture.
“With the successful raising of our second fund, ICV has further solidified its position as Israel’s leading specialist cleantech fund and we are able to take advantage of the ever-strengthening cleantech dealflow emanating from this country,” says Schwaber. “Our goal is to see all the relevant deal flow in Israel and to seek out the strongest entrepreneurs, with great technology, innovative business models and high-growth market opportunities. We will continue our strategy of working closely with our entrepreneurs to provide the support necessary and to add value, from the time we invest through the life of the company.”
Rob Day, partner at Black Coral Capital, an investor in both ICV funds, says: “Cleantech venture capital has legitimately taken some hard knocks over the past few years. For ICV to successfully raise a second fund in this environment is a testament to the ultimate promise of their portfolio and the strength of their team. Our current energy/resource scheme is unsustainable. Entrepreneurs smart enough to develop solutions to solve this problem and venture capitalists smart and risk-loving enough to back them will end up making phenomenal financial returns. We believe ICV is exceptionally well-placed to capitalise on the Israeli cleantech opportunity.”
