VC 83North, investor of ironSource and Payoneer, raises new $550 million fund

The Israeli firm, which will take its assets under management to $1.8 billion, has registered 21 exits in all, including six over the past two years

Israeli venture capital firm 83North has raised a new $550 million fund. This is the VCs sixth fund and will take its assets under management to $1.8 billion. The new fund is especially large by Israeli standards, with most local VCs settling for up to $300 million for growth funds due to the concern that they might not be able to provide quality returns on such a massive fund. Jerusalem Ventures Partners (JVP) is also currently in the process of raising a $450 million growth fund.

 

83North's investing team is led by four partners, Laurel Bowden, Gil Goren, Arnon Dinur, and Yoram Snir. The partners operate out of offices in London and Tel Aviv and invest in companies across the world. One of the companies 83North is invested in is food delivery giant Wolt.

 

83North partners, Yoram Snir (from right), Gil Goren, Laurel Bowden and Arnon Dinur. Photo: Courtesy

 

83North closed its previous fund in 2019, raising $300 million for its fifth fund. Over the past two years, it raised an additional $200 million. Unlike other Israeli funds, 83North has put money in many companies in Europe and the U.S., investing in 12 new companies since 2019, taking the total number of companies it has invested in to around 80. 83North has registered 21 exits in all, including six over the past two years, with 12 of the companies in which it has invested reaching a unicorn status (valued at over $1 billion). Among the companies 83North has invested in within Israel are the likes of ironSource and Payoneer, who are on the verge of going public, as well as CYE, Trigo, Zerto, Via, and many others.

 

Among the company's recent successes are the sale of Wandera to Jamf for $400 million and the upcoming IPO of fintech company Marqeta. Other success stories include the sale of Aeroscout (acquired by Stanley Black & Decker), iZettle (acquired by PayPal), and ScalelO (acquired by EMC).