The new fund has made two investments in seed-stage companies: DesignArt Networks and Siverge Networks.
Sources inform ''Globes'' that Magnum Communications Fund recently closed $80 million in financing for its second fund, and began making investments from it in May. The new fund has made two investments in seed-stage companies: DesignArt Networks Ltd. and Siverge Networks Ltd..
Magnum Communications raised its second fund quite quickly. Sources said the character of investors in the fund has changed. Whereas almost all investors in the first fund were strategic telecommunications investors, these companies are no longer investing in venture capital. Magnum Communications is a specialist fund that raised $75 million for its first fund in 2000.
Magnum Communications managing partners are Yahal Zilka and Modi Rosen. Zilka was previously CFO of VocalTec Communications Ltd. (Nasdaq:VOCL). Rosen was a senior telecommunications consultant.
Magnum Communications Fund now manages $150 million in two funds. Its investment focus is early-stage data, wireless, cellular, and network communications companies.
Published by Globes [online], Israel business news - www.globes.co.il - on August 27, 2006
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