A Venture Capital investment corporation based in the State of Israel, Sweetwood Ventures, recently made an announcement stating that they are launching its second fund. The reason behind the introduction of a new venture capital fund is to invest $120 million in various leading Israeli technology startups that are in their early or growth stage.
The Israeli-based Venture Capital corporation went on to announce that it will be forming a strategic partnership with one of the largest independent asset managers in Europe, the Azimut Group.
Sweetwood launched its first successful fund in the year 2018. According to the authorities in the company, the new fund will ensure that investors will have access to some of the most promising technology startups in Israel. In addition, the company will provide these startups with both, primary and secondary investments, from top-tier venture capital funds that are focused on Israel.
The General Partner at the Venture Capital investment company, Manuel Sussholz, added that though 2020 was a year that was greatly dominated by the coronavirus, the startups in the country went on to perform well. The performance from these companies, as per the Partner, is an ode to how quickly they could adapt to the crisis and use it to record traction.
Sweetwood has numerous family offices, high-net-worth, as well as institutional investors, and was incorporated in the country of Luxembourg.
In order to successfully launch its new fund, the Israeli Venture capital corporation joined forces with the Azimut Group, which handles more than $88 billion worth of assets and has a worldwide network of no less than 17 offices. The Azimut Group has delegated its subsidiary in Luxembourg, Azimut Investments SA, to provide a greater amount of operational governance and institutional supervision to the investment process of Sweetwood Ventures.
Moreover, the partnership has predicted that the new product initiatives will be launched by mid-2022 and target investors outside of Europe, as well.
The General Partner at Sweetwood Ventures, Amit Kurz, further added that once the investment period of the inaugural fund was completed, the company committed new capital to leading Israeli VC funds.
In other news, TripActions, a Traveltech company, has decided to set up its own R&D center in the State of Israel. The center currently employs more than a dozen workers and is set to be headed by Ofer Ben David, who will be assigned as the new R&D Director.
The company was founded in the year 2015 by two entrepreneurs from Israel. The current CEO is Ariel Cohen and the CTO is Ilan Twig. The Traveltech company offers its clients a booking and planning system for business trips, as well as the facility to manage expenses.
Ben David has extensive experience working in the R&D department. He was previously employed by Twig, as well as several other reputable companies. The new center will be managed from the U.S. and a handful of local managers will be hired to work alongside Ben David.