Cyberstarts has announced the closing of its $100 million second Israel venture capital fund for investments in cybersecurity startups. The firm was founded in 2018 by Gili Raanan. Lior Simon has now joined as a partner. Simon who has led venture capital fund Arbor Venture Investments in Israel previously worked for Sequoia.
Cyberstarts raised $54 million in its first fund and among its partners and investors are leading entrepreneurs and senior managers in the cybersecurity sector as well as Sequoia and institutional bodies. Among its investors are Shlomo Kramer, Marius Nacht, Mickey Boodai, Nir Zuk, Assaf Rappaport, and Roy Zisapel.
Raanan recently notched up two major successes for Sequoia, where he serves as a partner, with the sale of Moovit to Intel for $900 million and the sale of Armis to Insight Venture Partners for $1.1 billion. Raanan was one of the first investors these companies and he served on the board of directors of both companies.
Raanan said, "My experience at Sequoia proves that a period of crisis is the best time to set up major tech companies, and that is our aim. The coronavirus crisis proves the strength of the cybersecurity industry. It is especially during times of crisis that the need for innovative cybersecurity solutions receives validity due to the rapid changes of remote working and the need to move to the cloud and automation to reduce operational costs."
Cyberstarts has made six investments to date including in Fireblocks and Axis Security, the new startup set up by Assaf Rappaport.
Published by Globes, Israel business news - en.globes.co.il - on May 25, 2020
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