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83North wraps up fifth fund with $300 mln

83North, an investor in exited companies iZettle and Just Eat, announced it has raised $300 million for its fifth fund.

The 13-year-old firm said its latest fund was oversubscribed and gives the firm $1.1 billion in AUM. Fund V is 20 percent larger than the $250 million it raised for Fund IV two years ago. 83North raised $200 million for Fund III in 2015.

Partner Laurel Bowden told Venture Capital Journal that almost all of the firm’s backers are U.S.-based and include endowments, family offices and pension funds. She declined to disclose names of its LPs.

The firm has offices in London and Tel Aviv and makes multi-stage investments in fintech, data center, cloud, enterprise software and marketplace technologies.

In addition to Bowden, partners include Arnon Dinur, Gil Goren, Erez Ofer and Yoram Snir, and the team has backed more than 70 companies. Multi-billion exits include iZettle, which was acquired by PayPal for $2.2 billion in 2018, and Just Eat, which went public at a $2.4 billion valuation in 2014 on the London Stock Exchange. 83North’s track record also included the sale of portfolio company Hybris Software to SAP, announced in 2013.

The firm primarily focuses on Israel and London, but as Bowden pointed out, its enterprise software portfolio has grown to include a worldwide presence. For example, Celonis was founded in Germany and Siemplify originated in Tel Aviv, but both are operating in New York City. Mirakl, founded in France, Logz.io, founded in Tel Aviv, and TIS, founded in Germany, each have a presence in Boston.

The firm was founded as Greylock IL in 2006 by Greylock Partners when the Menlo Park, California-based firm sought to launch a fund in Israel, its first outside the United States. Its focus then expanded to include Israel and Europe.

In 2015, when it closed Fund III, the firm rebranded as 83North. The name 83North comes from the sum of the two latitude coordinates of its offices in London and Herzliya, roughly 51 and 32, respectively.

Firm Profile

83North

www.83north.com

  • Latest fund: Oversubscribed $300 million Fund V
  • Partners: Laurel Bowden, Arnon Dinur, Gil Goren, Erez Ofer and Yoram Snir
  • Offices: London and Tel Aviv
  • Investments: Aeroscout (acquired by Stanley Black & Decker), Bluevine, Celonis, Ebury, Hybris (acquired by SAP), IronSource, iZettle (acquired by Paypal), Just Eat, Logz.io, Marqeta, Mirakl, ScaleIO (acquired by EMC), SocialPoint (acquired by Take-Two Interactive), Vast Data, Via, Wolt and Zerto.
  • Focus: Multi-stage investor in fintech, data center, cloud, enterprise software and marketplace technologies. Also looks at such areas as IoT (with recent investments in Wiliot and VDOO) and Partner Goren said the firm has a growing interest in the intersection of IT and healthcare as well as vertical SaaS applications.