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Terra Venture Partners hits first close for USD50m Fund II

Terra Venture Partners has held the first closing for its new fund at USD20m.

 
The fund’s primary investors include a US private equity fund, a Brazilian bank, European family offices, and additional strategic investors, many of which have invested in Terra’s first fund.
 
Terra is targeting USD50mn in total. On completion of fundraising for Fund II, Terra will manage a total of USD90m.
 
The capital raised for the second fund is expected to be invested in ventures not necessarily associated with the traditional cleantech industry, and which connect between internet, software and mobile technology, and have a favourable impact on the environment.
 
The fund was selected by Israel’s Chief Scientist at the Ministry of Industry, Trade and Labour to operate a business incubator in the northern part of Israel technology scene. As part of the tender, Terra will operate the incubator for the next eight years, whereas for each dollar invested by TerraLab, the State of Israel invests 5.5 dollars. Terra aims to invest through TerraLab in five to seven companies annually and also perform the follow-on investment.
 
Terra general partner Dr. Astorre Modena says: "Cleantech is undergoing dramatic change in the last two years, and we see more and more revolutionary and breakthrough which target the end user and include green technologies in our daily lives. Cleantech stopped being intended for just heavy industry long ago, as we have proved with our current portfolio companies, there are outstanding cleantech companies on the market with promising economic viability."

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