IGP - Israel Growth Partners, founded by Haim Shani and Moshe Lichtman, today announced a $230 million first closing of a new growth investment fund, IGP II. The new fund will invest in Israeli high-tech growth companies.
The fund will invest in mature startups with annual revenue exceeding $10 million, and in management and entrepreneurial teams as they build leading global companies. Investments will range between $15-30 million. IGP II will pursue the same strategy that led to the success of its first fund.
The first closing was supported by the fund's current investors, including Clal Insurance and Leumi Partners, Discount Capital Markets, the pension funds of Amitim, Teachers study funds., as well as other institutional and private investors.
In parallel with the initial closing of IGP II, the fund is announcing the promotion of Uri Erde and Assaf Harel to general partners.
IGP founding partner Haim Shani said, "The Israeli high-tech industry continues to gain momentum and to produce technology companies with a significant global business volume that is suitable for IGP's investment strategy.
IGP founding partner Moshe Lichtman added, "Over the past four years, IGP's portfolio companies have grown rapidly, reaching business volumes in the tens and hundreds of millions of dollars. We are proud of the success of our portfolio companies and the continued trust expressed by our investors in our vision. Shani concluded and said, “we are excited about the opportunity to invest in new promising companies and to continue working with our existing portfolio companies".
IGP's first fund has invested in nine companies since its establishment in 2014, two of which have made successful exits: R2NET, the world's second-largest online jewelry and diamond retailer, and Panaya, which provides automation services for upgrading ERP systems and was acquired by Infosys.
Published by Globes [online], Israel business news - www.globes-online.com - on June 19, 2018
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