Qumra Capital raises $40m towards first fund

The planned new $100 million venture capital fund, founded by two Evergreen general partners, will invest in later stage start ups.

Newly-established venture capital outfit Qumra Capital has raised $40 million towards its first fund, sources inform "Globes." Qumra hopes to close the entire first $100 million fund by the end of 2013.

The new fund is led by Evergreen Venture Partners general partners Boaz Dinte and Erez Shachar who founded Qumra Capital last year and serve as its managing partners.

Qumra will invest sums of about $10 million in later stage start ups in such areas as software, IT systems, Internet and mobile apps to help them fine tune product development and expand marketing.

Between them veteran venture capital fund managers Dinte and Shachar have a long list of exits through acquisitions and IPOs at Evergreen worth more than $3 billion. These include Exalink sold to Comverse Technology Inc. (Nasdaq: CMVT), P-Cube sold to Cisco Systems (Nasdaq: CSCO), Envara sold to Intel (Nasdaq: INTL), Dune Networks sold to Broadcom (Nasdaq: BRCM), Aeroscout sold to Stanley Black and Decker (NYSE: SWK), Traiana sold to ICAP, Identify sold to BMC Software, ItemField sold to Informatica (Nasdaq: INFA), and eGlue sold to NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE). BigBand Networks Inc. (Nasdaq:BBND) and Metalink Ltd. (Nasdaq: MTLK) went public.

Shachar sits on the boards of Taboola, Varonis, Peer39 and Aniboom, while Dinte sits on the boards of n-Trig, Pontis, Pythagoras Solar, and Qualisystems.

Published by Globes [online], Israel business news - www.globes-online.com - on May 30, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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