Despite the general market slump, venture capital firm 83North Ltd. has raised $400 million for its new fund, providing the investor with more resources to invest in businesses.
The company has said on its website that they are managing over $2.2 billion in assets between its Tel Aviv and London locations. All of the company’s current limited partners have contributed to a new fund that will be used to make investments in Europe, Israel, and the United States.
Nearly ninety companies have received funding from 83North, including fourteen with a valuation of over $1 billion each, such as Celonis, a software development company. Before changing its name to 83North in 2015, they were a spin-off of Greylock Partners in Silicon Valley.
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The Venture Capital firm amassed $550 million in capital last year. Recent economic instability and the falling value of public technology companies have reduced the number of deals being made by startups.
— Mirakl Marketplace (@Mirakl) September 6, 2022
“We’ve always believed that innovation and technology, if led by unique individuals, can make this world a better place, especially in crazy and unstable times like the ones we are seeing now,” the firm’s partners wrote on their website.
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