Nick Summers is a technology journalist for The Next Web. He writes on all sorts of topics, although he has a passion for gadgets, apps and Nick Summers is a technology journalist for The Next Web. He writes on all sorts of topics, although he has a passion for gadgets, apps and video games in particular. You can reach him on Twitter, circle him on Google+ and connect with him on LinkedIn.
Israeli venture capital fund Lool Ventures has been backed by the investment arm of Burda Digital GmbH, DLD Ventures, making it one of the fund’s most significant investors to date.
Lool ventures, based in Tel Aviv, invests in disruptive, early-stage technology startups that have the potential to expand internationally. The “lool” part of its name is actually derived from a Hebrew word that translates as either crib, hatchery or chicken coop – the firm’s website says it likes to think of itself as all of these things combined.
“Plus, if you write lool in lower case, it kinda looks like 1001, which is a subtle hint of just how much we love the digital way of life,” the venture capital fund adds.
Lool Venture’s work includes both direct investments in technology startups and an incubation role, designed to help companies work on their own ideas and find their feet as a business. The VC fund’s portfolio includes Tonara, an iPad app for sheet music that can help musicians keep track of where they are in the piece and also turn the page automatically.
Other notable firms inclde Wibbitz, a text-to-video platform that can automatically transform any text-based article, post or feed into a short video, as well as ZooZ, a new mobile payments service.
Markus Scheuermann, Managing Director of DLD Ventures, said his firm’s investment in the venture capital fund would allow them to back companies that they feel have “convincing, innovative business models.” He later added that DLD Ventures was planning to “step up” its activities in Israel’s technology market. So watch this space.
Israel has more than 4,000 startup companies, which includes a large number of high-tech enterprises surpassed only by the likes of Silicon Valley in California.
Avichay Nissenbaum and Yaniv Golan, the founders of Lool Ventures, have both established their own companies and worked as Vice Presidents for AOL in the past. Avichay has also been Country Manager for AOL Israel.
Image Credit: Joern Pollex/Getty Images
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