Eurofund has decided not to raise a new fund due to the market slowdown. The longstanding venture capital fund has a number of interesting portfolio companies and successful exits. Founded in 1994, the company raised its last fund, the $52 million Eurofund II Fund, in 2000.
Eurofund declined to comment on the report.
Eurofund was founded by Federmann Enterprises, DaimlerChrysler, and Deutsche Institutions - DEG KFW Group as part of the Israeli government's Yozma Venture Capital program. Federmann Enterprises chairman Michael Federmann is chairman of Eurofund.
Eurofund's general managers are Aharon Beth-Halachmi and Gideon Federmann. The fund collaborates with international manufacturers who invest in the fund's portfolio companies. Eurofund has invested in dozens of companies in a wide range of industries over the years, including Idanit Technologies, acquired by Scitex, now Scailex Corp. ltd. (TASE: SCIX; Bulletin Board:SCIXF)); Verisity Ltd., which went public before being acquired by Cadence Design Systems, Inc. (NYSE: CDN); Hotbar, acquired by 180Solutions Inc.; and Passave, acquired by PMC Sierra Inc. (Nasdaq: PMCS).
The Eurofund II Fund has apparently returned all its investments thanks to the successful exits, certainly in comparison with other venture capital funds founded in 2000. The fund currently has four portfolio companies, including ColorChip Ltd. and MobileAccess Ltd., which are planning IPOs as soon as circumstances permit.
Published by Globes [online], Israel business news - www.globes-online.com - on August 17, 2008
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