Herzliya, October 1, 2013- Pitango Venture Capital today announced that it had completed the fundraising for its new venture capital fund, with commitments of $270 million. In addition to existing investors, new investors in Pitango VI are mainly from China, India, Taiwan, and Korea, and this marks their first investment in Israel.
Funding of Pitango VI was completed as planned, and due to high demand, the managers of the Fund decided to increase financing by $20 million over the initial target. Pitango VI will invest in technology ventures, focusing on companies with strong growth and profitability potential that target global markets. Pitango focuses on companies that have the potential to become category leaders in various technology sectors such as Internet, mobile applications, communications, life sciences, medical devices, biotech and nanotechnology.
The new fund will engage in diverse cross-stage investments, from seed phase and companies experiencing growth, to investments in commercial expansion and growth stages.
Pitango VI was established following the completion of Pitango Fund V portfolio and has already begun making its first investments, including Taboola, Magenta Medical, JethroData, Vertos Medical, SalesPredict, Ubimo, and Revizer.
Pitango has been investing in high-tech companies since 1993, managing over $1.6 billion that has been invested in more than 180 Israeli high-tech companies, including companies that have achieved impressive success: Optonol (acquired by Alcon), Anobit (acquired by Apple), AeroScout (acquired by Stanley Black & Decker), Ventor (acquired by Medtronic), MobileAccess (acquired by Corning), Provigent and Dune Networks (both acquired by Broadcom), superDimension (acquired by Covidien), Convergin (acquired by Oracle) and companies that went public on the New York Stock Exchange and NASDAQ such as AudioCodes, Radware, VocalTec, Voltaire and more.
Chemi Peres and Rami Kalish, Managing General Partners and Co-Founders of Pitango said, "We thank the investors for expressing faith in venture capital investments in Israel. The fundraising process was successfully completed thanks to teamwork by the Pitango group. In Pitango VI we will continue to implement Pitango's strategy of investing in extraordinary entrepreneurs and groundbreaking ideas, unique Israeli products and technologies that will lead to important improvements in a variety of areas in our lives and will help shape the future. Together with the new investors who have joined the fund, we are opening doors to new opportunities in growing markets that seek Israeli innovation. We will continue to support and strengthen high-tech companies that are category leaders for the long term. These companies contribute to Israel's continued economic growth, create new jobs and increase the Gross National Product (GNP)."