Wednesday, October 22, 2014

Baidu, Qihoo 360 and Ping An invest in Israeli VC fund Carmel

Carmel Ventures, a leading Israeli venture capital firm and a member of the Viola Group, today announced the final closing of its latest investment fund, Carmel Ventures IV (“Fund IV”), with total commitments of $194 million.

Fund IV, like its predecessor funds, will be invested in early-stage transformative technology companies in high growth sectors that include enterprise software, data center infrastructure, big data, cyber security, FinTech, digital media and consumer applications. Carmel began investing out of the new fund in January 2014 and has made investments in PlayBuzz, LuckyFish and three other promising early stage technology companies.

Fund IV was raised with equity commitments from global institutional investors that include a significant number of return investors as well as selected new investors. In addition, several leading Asian strategic investors have joined the new fund including Baidu, Ping-An, and Qihoo360 amongst others.

“We are delighted to be making our first investment in an Israeli Venture fund with Carmel Ventures,” said Daniel Tu, Group Chief Innovation Officer at Ping An Group of China. “Carmel offers us reliable access to Israeli innovation and we look forward to partnering with them.”

Today, Carmel Ventures manages over $800 million of investor capital and is invested in 35 active companies.

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