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UK, Israel-focused Greylock IL to loosen ties with US affiliate, plans fundraise

9 Jul 2014

split-rockGreylock Partners‘ Israel and UK investment affiliate Greylock IL is reportedly ready to rebrand and raise a new fund as a standalone firm.

The Israeli firm is set to change its name amid loosening ties with Greylock Partners according to Dow Jones, which cited a person with extensive knowledge of both firms.

It added that Greylock IL was preparing to raise a fund “in the near future”.

Greylock IL has been busy in the past month, backing a trio of companies including financial services provider Ebury and patient-medical specialist connection business Grand Rounds.

The affiliate was founded in 2006 and has more than $360m under management.

Greylock, which was launched in 1965, has more than $2bn under management and looks to partner with tech entrepreneurs at their earliest stages of creation.

The firm, whose previous investments include LinkedIn, Facebook and Workday, raised a new $1bn fund in September last year.

Greylock XIV followed the firm’s thirteenth fund which raised a similar amount in 2011.

The firm said in a blog post that of the over 140 investments it made from its previous fund, 120 were seed or Series A and 10 were Series B.

Greylock also said it would be investing $100m in innovative marketplaces.

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