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YL Ventures raises $75 mln fund to invest in Israeli startups

TEL AVIV May 4 California-based YL Ventures, a seed stage venture capital firm that invests in Israel, said on Thursday it has closed its third fund, which at $75 million was 25 percent above its target.

The fund will invest in early stage Israeli companies in cybersecurity, enterprise software, autonomous vehicles, drone technologies and virtual reality/augmented reality.

YLV III aims to invest in two to three companies per year. Initial seed investments will be $2-$3 million, with YL Ventures leading the rounds. A large portion of the fund is reserved to participate in U.S. VC-led follow-on rounds of its portfolio companies.

Managing partner Yoav Leitersdorf will head the fund. YL Ventures is recruiting additional investment professionals to join its Silicon Valley and Tel Aviv offices.

Leitersdorf attributed the strong interest in YLV III to soaring cybersecurity spending, expected to exceed $202 billion in 2021, according to research firm MarketsandMarkets.

The first two funds have invested in 10 companies, five of which have been acquired. Most recently, FireLayers was acquired by Proofpoint. (Reporting by Tova Cohen)

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