Shaken Israeli Venture Capital Firm Loses Third Partner
Israel-based venture capital firm Magma Venture Partners froze its activities on its fifth fund due to managerial upheaval
08:4722.11.17
General partner Gilad Shany is leaving Israel-based venture capital firm Magma Venture Partners, according to people familiar with the matter who spoke on conditions of anonymity.
Gilad Shany. Photograph: PR
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Mr. Shany and Magma have been approached for comment but have yet to respond.
Gilad Shany. Photograph: PR
Mr. Shani, who joined the firm in May, was previously vice president at Baron Capital Group Inc., an investment management firm that counts the likes of Tesla and Mobileye on its portfolio.
He will be the third partner to depart from Magma Ventures this year. In October, Calcalist reported that partner Shahar Tzafrir left the firm due to a personal dispute with co-founder Yahal Zilka. Another partner, Ran Achituv, left the firm in late 2016.
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Last week, Calcalist reported that the firm froze its activities on its fifth fund due to conflict between the firm's co-founders, Mr. Zilka and Modi Rosen, citing sources. Magma's fifth fund was to stand at $150 million.
Established in 1999 and based in Tel-Aviv, Magma has previously raised four funds valued at an aggregated $450 million. The company has several high profile exits in its portfolio, including navigation app company Waze Inc., bought in 2013 by Google for around $1.1 billion, and automotive cybersecurity Argus Cyber Security Ltd., recently bought by auto part manufacturer Continental AG.
