83North, the international venture capital firm, today announced the launch of a $250 million fund for the purpose of investing in tech companies in the UK, Europe, and Israel.
Initially, an affiliate of Greylock Partners, the firm used to focus specifically on Israeli startups but has now made a move to expand on its own with a broader focus on Europe as well. The fund, known as 83North IV, brings the firm’s (previously known as Greylock Israel) total capital under management to $800 million. This has become the firm’s fourth fund in 11 years, but only its second since rebranding as 83North back in 2015, when it announced a $200 million pot.
Commenting on the announcement, Laurel Bowden, partner at 83North, spoke to Tech City News about the team’s decision to continue investing in UK tech. The new fund, becoming 83North’s largest to date, demonstrates the on-going appeal of the firm’s unique model; the provision of a range of expertise and on-the-ground support in three strategic regions – Europe, Israel, and the United States. 83North is unrivaled in its ability to help founders successfully scale their businesses across the three markets. Bowden said:
The UK has a large, international tech community and very entrepreneurial culture. The UK will absolutely continue to be a key tech hub for the foreseeable future.
Much like previous funds, 83North IV will focus on consumer and enterprise technology companies across sectors including FinTech, E-commerce, IoT and driverless cars.
According to Bowden, the fund would seek to invest in various stages of company development, ranging from very early Seed rounds to mid-stage growth opportunities, saying:
Our investment size will range from as little as $1m up to $15m.
Yoram Snir, Partner at 83North in Tel Aviv, also commented on the development:
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.
The company already possesses investments in renowned UK tech firms such as Ebury, NotOnTheHighStreet, and JustEat, which has its IPO in 2014.
With the U.K. currently going through the monumental process of exiting the European Union (EU), to 83North this presents an opportunity for it to leverage its existing presence in the region, helping tech hubs establish themselves and tear away from London’s gravitational pull.
