83North closes $250m fund to invest in Europe and Israel

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fintech insurtech wealthtech regtech ai cybertech esg news

London and Tel Aviv-based venture firm 83North has closed a new fund with $250m.

The fund is the firm’s fourth raised in 11 years and brings its total under management to $800m.

83North’s FinTech portfolio includes mobile card reader iZettle, Wonga and invoice financing firm BlueVine.

The fund firm’s largest to date with it closing its previous fund at $205m in 2015.

Formerly an affiliate of Greylock Partners, the fund will be used to invest in both consumer-facing and enterprise businesses across Israel and Europe.

The firm’s London partner Laurel Bowden highlighted the opportunity the UK’s departure from the EU will create in tech hubs around the continent.

“Since we started investing in Europe in 2008, we have expanded our focus from primarily UK-headquartered start-ups to invest across the region and have now backed companies from France, Germany, Greece, Italy, Spain and Sweden,” he said.

“As we look to the future, the UK’s exit from the EU will accelerate activity in European tech hubs outside the UK. We believe this presents a big opportunity for venture funds, like 83North, that are already well-established in the wider European region.”

The firm’s Tel Aviv partner Yoram Snir added: “We continue to invest in all stages, with an emphasis on early investments, where we work side-by-side with founding teams to build companies from the ground up.

“Our model gives us access to some of the best talent in the world, meaning that we can add real value by exposing entrepreneurs to the best practices in each domain.

“Our Fintech portfolio is testament to this model, for example Ebury was founded in London, iZettle in Sweden, Marqeta in California and Payoneer started in Israel and is now headquartered in New York.”

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