Despite the general market slump, venture capital firm 83North Ltd. has raised $400 million for its new fund, providing the investor with more resources to invest in businesses.
The company has said on its website that they are managing over $2.2 billion in assets between its Tel Aviv and London locations. All of the company’s current limited partners have contributed to a new fund that will be used to make investments in Europe, Israel, and the United States.
Nearly ninety companies have received funding from 83North, including fourteen with a valuation of over $1 billion each, such as Celonis, a software development company. Before changing its name to 83North in 2015, they were a spin-off of Greylock Partners in Silicon Valley.
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The Venture Capital firm amassed $550 million in capital last year. Recent economic instability and the falling value of public technology companies have reduced the number of deals being made by startups.
As we power more and more marketplaces for some of the UK’s biggest brands, we are proud to be working with @BootsUK, a champion British retailer. Congratulations! 🎉 https://t.co/umWrxz0eQE
— Mirakl Marketplace (@Mirakl) September 6, 2022
“We’ve always believed that innovation and technology, if led by unique individuals, can make this world a better place, especially in crazy and unstable times like the ones we are seeing now,” the firm’s partners wrote on their website.
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