Targeting seed-stage technology companies in Israel and the Southeastern U.S., Veritas Venture Partners has closed its second investment fund with $40 million.
Specifically, the fund will target four technology sectors: Communications, enterprise software, security and medical devices. It will invest about $2.5 million in each portfolio company over the company’s life cycle.
This fund will differ very little in strategy from its predecessor, says Yadin Kaufmann, Veritas’ founding partner. The firm’s previous fund, closed in 2000, financed rich media companies like RichFX, and satellite communications carrier Gilat Satellite Networks Ltd. and ESC Medical Systems Ltd., a maker of minimally invasive medical instruments for dermatologists. This fund will continue to scout data and network security tools, endoscopic tools and vascular diagnostics.
Three Israeli companies already sit in the fund’s portfolio: Bamboo Mediacasting, a Kfar Sava-based developer of mutlimedia broadcasting capabilities over cellular networks, eShip-4u, a package delivery firm in Netanya, and UCG Technologies, a developer of nuclear medicine applications in Kfar Sava.
Drawing on institutional investors from Asia, Europe, South Africa and the U.S., the fund’s list of limited partners includes Anglo-American Corp., IDB Holdings, Invesco, Old Mutual, Silicon Valley Bank, Vertex and New Enterprise Associates co-founder Frank Bonsal.
Veitas maintains four partners in Israel and another one in an office just outside Atlanta.
Contact Carolina Braunschweig