Battery Ventures has completed the raising of $750 million for its eighth fund, five months after starting on the fundraising. With the completion of the fund, the company manages $2.9 billion.
Battery Ventures has invested in Israeli companies since 1995. Battery Ventures general partner Scott Tobin says that the company plans to invest $65-100 million of the eighth fund in Israeli start-ups at all stages of development.
Battery Ventures was founded in 1983, making it one of the oldest venture capital funds in the US. Battery Ventures venture partner Avi Domoshevizki is the company’s local representative. He was formerly a partner at Concord Ventures, which has been liquidated.
In contrast to other large venture capital funds, Battery Ventures invests in all start-up development stages, from seed through PIPE (private investment private equity). It also invests in public companies seeking to become private, buy-outs, and roll-ups. The fund invests in software, infrastructure, communications services, semiconductors and components, internet and digital media, financial services, cleantech, and advanced materials. Geographically, the funds operates in the US, Israel, and India.
“Globes”: What is your strategy regarding Israel?
Tobin: “Over the past 18 months, we’ve opened an office in Israel and appointed a local partner. We’ve made two investments in Israel to date, in Freshpoint Ltd. and Neocleus Ltd. We’ve also decided to support and cooperate with Technion Entrepreneurial Incubator Co. Ltd. (TEIC). We’ll soon close an investment in another company. The interesting thing is that a large proportion of the companies we’ve examined had some connection with Israel.
“In addition, Israel also has more mature companies that can suit our private equity investments. We’re definitely examining this option. Another thing that can demonstrate our ties with Israel is the fact that in October we’ll hold our annual investors meeting in Israel.”
Tobin stresses that Battery Ventures is a global fund and that its partners seek the best companies in the world in their sectors. “This enables us to present a diversified portfolio,” he says.
Battery Ventures recently had five exits on the New York Stock Exchange and Nasdaq, including Veraz Networks Inc. (Nasdaq:VRAZ). The fund has also sold five portfolio companies.
Published by Globes [online], Israel business news - www.globes.co.il - on July 12, 2007
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