Israeli venture capital fund Magma Venture Partners has completed fundraising for its third fund, Magma III, exceeding its $100m target.
Magma – which is focused on the information, communications and technology (ICT) sector – currently manages $300m, while its most recently acquired portfolio companies are valued at over $1bn.
These acquisitions include Provigent and Wintegra, which were bought by Broadcom (BRCM) and PMC-Sierra respectively, as well as DesignArt, acquired by Qualcomm.
The group’s newest fund Magma III began investing in mid-2012 and its current portfolio includes mobile device cameras software specialist Corephotonics and Big Data solutions provider Xplenty.
Magma, formerly known as Magnum, launched its first fund of $70m in 1999.
Some of Magma’s portfolio companies are Waze, the mapping and live-navigation application, and video-editing specialist Magisto.
“These days, the completion of fundraising a third fund beyond its target is a milestone, and an important step in elevating and accelerating the momentum of innovation in Israeli-related technologies,” said Magma’s co-managing partner Modi Rosen.
“Our investors’ trust in Magma directly reflects upon the enthusiasm and potential that Israeli hi-tech Start-ups will succeed in generating leading companies in their fields.”
The venture capital firm also has a pre-seed programme whereby it provides up to £300,000 in either equity or convertible loans to businesses.
Magma was co-founded by managing partners Modi Rosen, who previously spent 12 years doing strategy consulting work with Monitor Company and Shaldor, and technology entrepreneur Yahal Zilka.
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