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83North reveals $200m VC fund for Europe and Israel

VC firm 83North (formerly Greylock IL) has announced it has raised a new $200m fund to invest in European and Israeli startups.

It is the VCs third fund and brings the capital under its management to over $550m. With its previous funds, 83North has invested in the likes of NotOnTheHighStreet, JustEat, iZettle, and Wonga.

The firm has said it is likely to invest heavily in data center and cloud technologies, software, marketplaces, consumer services and fintech, areas in which it believes its expertise lie.

A new firm

The firm recently rebranded from Greylock IL, an affiliate of US-based firm Greylock Partners. 83North is now an independent firm made up of four investing partners, Laurel Bowden, Arnon Dinur, Erez Ofer and Yoram Snir.

The name 83North represents the sum of the geographical latitudes of Tel Aviv and London, the two cities in which the firm has its offices.

Bowden believes that with a presence in both cities, the firm gets access “to some of the best talent in the world”.

Explaining the European and Israeli focus, Bowden added:

“Europe is a huge market, with great entrepreneurial activity and talent. Israel has a thriving start up scene, second only to Silicon Valley, with 30 years’ experience of building large and global tech companies. Putting the two together by building global clusters of expertise and joining the best talents from every region is a great opportunity.”

Investing in all stages

83North says that while it does invest in all stages, there is a particular focus on early investments so that the firm can “work side by side with founding teams to build companies from the ground up.”

“We believe in the hands-on, personal approach when working with entrepreneurs to realise their visions,” added partner Erez Offer.