Magma, which has a portfolio including social navigation company Waze, data compression startup Onavo and automatic video editing app Magisto, says that the new Magma III fund will be used for pre-seed, seed and A-rounds funding “large-scale, meaningful companies.” Magma now has more than $300 million under management.
Previous Magma portfolio exits have included Provigent, acquired by Broadcom; Wintegra, acquired by PMC-Sierra; and DesignArt, acquired by Qualcomm.
Magma says that the new fund has raised beyond its target, and as Newsgeek notes in its coverage, this indicates a trend of modest recovery in the Israeli VC sector, which has struggled to raise new funds in recent years. Today’s news follows new funds for Sequoia and Pitango in Israel in August and September 2012 respectively.
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