Israeli venture capital giant Pitango has reportedly raised $270m for a tech-focused vehicle thanks to new backing from Asian LPs.
The new fund will invest in Israeli companies which target the global market according to Reuters, which, added the fund would concentrate on sectors including mobile apps, life sciences, medical devices and biotech.
It added that existing backers had been joined by new investors from China, India, Taiwan and South Korea, helping the fund beat its $250m target.
A statement from Pitango co-founders Chemi Peres and Rami Kalish said, “Together with the new investors who have joined the fund, we are opening doors to new opportunities in growing markets that seek Israeli innovation.”
The round, which was also backed by Viola Group and Gemini Israeli Funds, followed a record second quarter which saw the company’s revenues soar 400 per cent compared to the first three months of the year.
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