Israeli-UK venture capital firm 83North closes £357m fund

83North Image credit: 83North

Venture capital firm 83North has closed its 11th fund with a total of $400m (£357m) to invest across the US, Europe and Israel.

It brings the London-headquartered investor’s total capital under management in excess of $2.2bn (£1.9bn). The 11th fund’s capital came from existing limited partners.

“We raise relatively small funds,” 83North said in a company announcement. “We think this is in the best interests of our entrepreneurs and investors. We don’t rush to invest and are deeply involved with our companies while building close and long-term relationships with entrepreneurs. This model is hard to scale.”

Founded in 2006, 83North has gone on to back 87 companies, 14 of which are unicorns and have had 30 exits. One of these unicorns was data startup Actifio, which was acquired by Google in 2020.

In May, 83North co-led software renewal startup Vertice’s £21m raise as it emerged from stealth.

“We are four equal partners; we have worked together for many years and our operation is lean. We are hands-on (we don’t delegate). Our small size ensures a very high level of trust in the partnership which translates into transparent and quick processes.”

Last year the venture capital firm invested in artificial intelligence cancer diagnostics startup Ibex Medical Analytics’ £27.3m Series B.