Crescendo Venture Partners, an Israel-based firm launched by former Giza Venture Capital partners, has hit the first close for a new fund eyeing up to $100m.
Crescendo, which is partnering with the $3bn-managing Crescendo Group, said it expects to reach a final close of between $80m and $100m in the first half of 2020.
The fund will be used to invest in early stage Israeli software startups in fields such as big data, AI and machine learning, with an emphasis on software that transforms traditional sectors such as agriculture, education, construction, healthcare and industry.
Crescendo has already tapped the vehicle to lead a Series A round for Lightico, an Israeli startup that has developed an automation solution for the last mile of the customer journey in contact centres.
Crescendo Venture Partners is led by Zvi Schechter, Yuval Avni and Tal Mizrahi, formerly partners at Giza Venture Capital, together with Mark Kavelaars.
Schechter, an early pioneer in Israel’s venture capital industry, was the co-founder of Giza Venture Capital in the 1990s.
Kavelaars is a managing partner and co-founder at Swanlaab Venture Factory, a €60m venture capital fund investing in innovative Spanish companies.
Avni said, “Despite the huge potential of startups in early stages, there is a gap between the financing needs of these companies and the amounts investors actually invest in this stage.
“Crescendo will bridge this gap, with its team that will propose to entrepreneurs a combination of experience in investment and management of startups, along with a broad network of connections with companies and investors in Europe, Latin America and Asia who are interested in investing in Israeli software companies.”
Schechter, a general partner at Crescendo, added, “We are currently riding on the positive momentum of the cycle for Israeli startups.
“We are constantly meeting with exceptional entrepreneurs with great ideas who can create a real transformation in a wide range of sectors of traditional industries in various sectors.
“Crescendo will place at the disposal of those entrepreneurs a combination of capital, business experience and a network of global contacts with potential customers, partners and investors from around the world, who are yearning to connect and cooperate with innovative startups from Israel.”
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