Cardumen Capital raises $120 million for early-stage deep tech fund
Cardumen Capital raises $120 million for early-stage deep tech fund
The Israeli-European VC will invest in pre-Seed and Seed stage companies in fields such as AI, cybersecurity, big data, and information technologies
Israeli-European venture capital firm Cardumen Capital has raised $120 million for its second deep tech fund to invest in early-stage Israeli startups. Portions of the fund were raised following the outbreak of the war with Hamas on October 7.
Cardumen will invest in pre-Seed and Seed stage companies in fields such as AI, cybersecurity, big data, and information technologies. To date it has invested in 32 Israeli companies and the new funding brings its assets under management to $225 million.
Cardumen, which has offices in Tel Aviv and Madrid, is chaired by Gil Gidron, who founded it in 2018 together with Gonzalo Martínez de Azagra and Igor de la Sota. The fund has invested so far in the likes of SaaS cybersecurity platform DoControl (backed by Insight Partners and Crowdstrike), Big Data B2G platform IVIX (backed by Insight Partners and Citi Ventures) and NeuReality (backed by Samsung and SK Hynix).
“Israeli entrepreneurs rise to the occasion under adversity,” said Cardumen Capital’s Co-Founder and General Partner, Gonzalo Martínez de Azagra. “It’s in tough times when great companies are built. Our commitment to Israeli tech is stronger than ever. This commitment is reflected in our local team expansion. As a team of Israelis and Europeans, heavily connected with the U.S. and Asian markets, we are well-positioned to give our startups access to worldwide markets. We look forward to partnering with entrepreneurs and our fellow investors in 2024 and beyond.”
“We see a huge opportunity in the current market. We are actively deploying in what will probably be one of the best vintages of our generation,” said Nimrod Brandt, Cardumen Capital’s appointed Partner in Israel and an investment expert who has filled a number of executive roles at Hutchison, Gazit-Globe and Credit Suisse.
Cardumen Capital has also expanded its team over the past year with Nadav Charnilas (Principal), a product and marketing veteran with over a decade of experience as a leader and operator at tech giants Microsoft, Vimeo, and Wix, and Dana Kleiman (Associate), formerly Attorney at Israeli elite boutique Yigal Arnon & Co. The three have joined Noa Shamay (Principal) who has been with the firm for four years.
