Monday, September 29, 2014

Magma Venture Partners Closes $150M Fund For Early Stage Israeli Startups

The Israeli venture capital firm Magma Venture Partners announced the closing of a $150 million fund for early stage, Israeli technology companies. 

Magma, which was also an investor in Waze, the navigation application that sold to Google for $1.3 billion in 2013, plans to invest in seed and Series A funding rounds for approximately 25-30 companies. Each investment in the 25-30 companies, or opportunities, will run anywhere from $500,000 to $6 million. 

Magma hopes to pump more juice into the local Israeli startup scene, that has seen a lot of local venture capital firms turn elsewhere in recent years.

In the year 2013, Israeli venture capital firms raised $526 million, a 27 percent decline from 2012 and a 38 percent drop from 2011, according to IVC.

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