LONDON and TEL AVIV, Israel, January 7, 2015 /PRNewswire/ --
Greylock IL rebrands as 83North and announces its third fund to build global tech companies
Today, 83North (formerly Greylock IL), announced that the firm has raised a new $200 million fund to continue to invest in all stages of consumer and enterprise technology companies led by European and Israeli entrepreneurs. With this new fund, the third raised in 8 years, 83North now has over $550 Million in capital under management.
In the first two funds, 83North's four investing partners, Laurel Bowden, Arnon Dinur, Erez Ofer and Yoram Snir, backed more than 30 companies including Actifio, AeroScout (acquired by Stanley Black & Decker), Hybris (acquired by SAP), Just Eat (LSE:JE), ScaleIO (acquired by EMC), SocialPoint, Supersonic, Telit (LON:TCM) and Zerto.
Erez Ofer, Partner at 83North in Tel Aviv, said: "We believe in the hands-on, personal approach when working with entrepreneurs to realise their visions. We 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. We invest in specific domains of expertise including data center and cloud technologies, software, marketplaces, consumer services and fintech."
Laurel Bowden, Partner at 83North in London, said: "With local presence in both London and Tel Aviv, we get access to some of the best talent in the world. That enables us to add value to entrepreneurs by exposing them to the best practices in each domain. Our FinTech portfolio is a good example of this strategy; we backed global companies like Ebury and Wonga in London, Payoneer in Tel Aviv, BlueVine and Marqeta in California and iZettle in Sweden."
83North got its start as Greylock IL, an affiliate fund of Greylock Partners. Today, 83North is an independent firm investing in European and Israeli entrepreneurs around the world. More than half of its portfolio companies have operations in the US.
David Sze, Partner from Greylock Partners, said: "We are thrilled that 83North has raised their independent fund. While 83North is an independent firm, we share a common operating philosophy and we look forward to collaborating on investments with strong Israeli and European entrepreneurs in the future."
The new name, 83North, represents the fund's focus on Israel and Europe. With local offices in London and Tel Aviv, 83North is the sum of the geographic latitudes of the two cities.
83North is a global venture capital firm with more than $550 million under management. We invest in European and Israeli entrepreneurs creating global businesses, across all stages of consumer and enterprise companies. 83North is the sum of the latitudes of London and Tel Aviv - our two main hubs of operation. (http://www.83north.com)