Tel Aviv-based early-stage venture capital firm Grove Ventures today announced the closing of the $185 million ‘Grove III’ fund. Grove said that the new fund will partner with early stage and exceptional Israeli entrepreneurs.
Grove III will focus on tech and science innovations in areas such as edge computing, cloud infrastructure, data infrastructure and management, developers’ tools and software, DevOps, AI and automation. The fund’s broad team, which includes the entrepreneurs-turned-investors behind S&P 500 company SolarEdge and M-Systems, uses its resources to give its portfolio companies maximum value through access to further funding, and support for HR and management recruitment, marketing, sales, connection to its network of enterprises, and more.
After the establishment of the new fund, Grove Ventures will have nearly $500 million under management. To date, Grove has invested in over 24 companies including Wiliot, RapidAPI, ActiveFence, Lumigo, Metrolink, Navina, env0 and CommonGround. Grove III will also invest in early-stage (Pre-Seed, Seed and Series A) Israeli startups.
The fund has also announced the promotion of Renana Ashkenazi from Principal to General Partner. She joins Managing Partner Dov Moran inventor of the USB flash drive who sold M-Systems to SanDisk for more than 1.6 billion dollars; Lotan Levkowitz, and Lior Handelsman, one of the founders of SolarEdge, the only Israeli company listed on the S&P 500 index.
Grove Ventures’ partners said in a joint statement, "We thank our LPs on their trust and for the opportunity to support the next generation of companies that will propel the technological leaps forward and digitalization processes to power the future of the world. We are in a challenging and fascinating period of time in which the world is becoming more digital than ever. We work to be a home for Israeli founders who build significant technological innovation and infrastructure and create game-changing companies."
Published by Globes, Israel business news - en.globes.co.il - on January 6, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.