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This article was published on February 11, 2013

    Israeli VC firm Magma Venture Partners raises a new $100m fund aimed at early stage startups

    Israeli VC firm Magma Venture Partners raises a new $100m fund aimed at early stage startups Image by: Vladimir Blinov
    Martin Bryant
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    Martin Bryant

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    Martin Bryant is founder of Big Revolution, where he helps tech companies refine their proposition and positioning, and develops high-qualit Martin Bryant is founder of Big Revolution, where he helps tech companies refine their proposition and positioning, and develops high-quality, compelling content for them. He previously served in several roles at TNW, including Editor-in-Chief. He left the company in April 2016 for pastures new.

    Israel-based VC firm Magma Venture Partners has raised a new $100 million fund, as first reported in Hebrew by Newsgeek and confirmed to us by Magma.

    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.

    Image credit: Thinkstock