Insight Partners to acquire senior Israeli venture fund Gemini V for $500 million
Gemini is one of Israel’s most senior venture firms, active since 1993. The firm has raised five funds to date, the last one raised $150 million in 2008
Gemini is one of Israel’s most senior venture capital firms, active since 1993. The firm has raised five funds to date, the last one raised $150 million in 2008. In 2014 Gemini announced it will not raise additional funds, choosing instead to concentrate on maintaining its existing portfolio.
Insight Partners Managing Director Jeff Horing. Photo: Orel Cohen Gemini V’s portfolio includes website usability company WalkMe Inc.; code management startup JFrog Ltd., which was valued at $1.5 billion in October 2019; Tel Aviv-based team management and productivity startup Monday.com Labs Ltd. valued at nearly $3 billion as of last month; and public transportation trip-planning app developer Moovit App Global Ltd. that was acquired by Intel for $1 billion last month.
This is one in a string of local deals, both completed and nearing closure, linked to Insight Partners. Last month, Insight Partners led a $40 million round in Israeli-American cybersecurity startup Semperis Ltd. In February, Calcalist reported that the venture fund led a $200 million investment in Israel-linked cybersecurity company SentinelOne, incorporated as Sentinel Labs Inc. A month earlier, Insight Partners acquired, together with Google’s CapitalG, Israeli IoT security company Armis Inc. according to a company valuation of $1.1 billion. Also in January, Insight Partners bought a 10% stake in Israeli gaming company Moon Active Ltd. according to a company valuation of $1.25 billion.
In a February interview with CTech, Deven Parekh, managing director at the New York-based venture capital and private equity firm said that Israel is one of the regions Insight Partners invests most in.
In October, Insight Partners announced the opening of a Tel Aviv office, the firm’s first office outside of New York. Insight Partners has over $20 billion in assets under management and has backed more than 300 companies worldwide, according to company statements. In Israel, Insight has invested over $700 million across more than 15 active deals.
