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
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
(Reporting by Tova Cohen)