November 12, 2019 / 8:03 AM / 3 months ago

Angular Ventures closes $41 mln fund with focus on Israel, European startups

TEL AVIV, Nov 12 (Reuters) - Angular Ventures closed a $41 million fund on Tuesday that aims to invest in enterprise technology startups in Israel and Europe whose focus is mainly selling to the U.S. market.

Angular, which has offices in Tel Aviv, London and New York, sought to raise $25 million but demand from institutions — 75% of total investors — was very high, said founder Gil Dibner.

The fund has been operating in stealth mode for 18 months and has made 12 investments — half in Israel and the rest in Europe. Angular invests $250,000 to $1.5 million per funding round and plans to help finance five to seven new firms a year.

“We ideally want to be the first check and leading the first high risk round,” Dibner told Reuters.

He noted that since Angular is funded by commercial limited partnerships it can invest where it wants as long as it meets the main criteria of having an interesting technology and plans to sell globally and mainly to the U.S. from the start.

“Geography is an artificial restraint,” said Dibner, who was an early investor in Israeli software provider JFrog, whose valuation has reached above $1 billion. “We believe founders (of startups) should move to the United States very very early.” (Reporting by Steven Scheer)

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