Carmel Ventures closes fourth fund at $194 mln

Israeli venture firm Carmel Ventures has raised $194 million for its fourth fund. Among the pool’s LPs are Baidu, Ping-An and Qihoo360.  The fund’s focus is on early-stage tech companies in sectors such as enterprise software, digital media, big data and cyber security.


Tel Aviv, October 22, 2014. Carmel Ventures, a leading Israeli venture capital firm and a member of the Viola Group, today announced the final closing of its latest investment fund, Carmel Ventures IV (“Fund IV”), with total commitments of $194 million. Fund IV, like its predecessor funds, will be invested in early-stage transformative technology companies in high growth sectors that include enterprise software, data center infrastructure, big data, cyber security, FinTech, digital media and consumer applications.

Carmel began investing out of the new fund in January 2014 and has made investments in PlayBuzz, LuckyFish and three other promising early stage technology companies.

Fund IV was raised with equity commitments from global institutional investors that include a significant number of return investors as well as selected new investors. In addition, several leading Asian strategic investors have joined the new fund including Baidu, Ping-An, and Qihoo360 amongst others. Fund IV is led by six partners; Shlomo Dovrat, Avi Zeevi, Ori Bendori, Ronen Nir, Daniel Cohen and Itzik Avidor. As in previous funds, Fund IV includes a significant equity investment by Carmel’s General Partners and affiliates.

“Technology entrepreneurs and the venture industry in Israel have become more focused on building significant companies. Carmel has been at the forefront of these developments and is involved with several world class companies coming out of Israel,” said Kathryn Mayne, Managing Director of Horsley Bridge Partners. “We value our strong relationship with Carmel Ventures and are pleased to continue our successful partnership with them in Fund IV.”

“We are delighted to be making our first investment in an Israeli Venture fund with Carmel Ventures,” said Daniel Tu, Group Chief Innovation Officer at Ping An Group of China. “Carmel offers us reliable access to Israeli innovation and we look forward to partnering with them.”

“Building global, significant Israeli technology companies is what we’re passionate about at Carmel,” said Shlomo Dovrat, Co-Founder and General Partner at Carmel Ventures. “We are committed to backing visionary Israeli entrepreneurs who aspire to transform industries and markets on a global scale, and build world class companies. We hope to back those teams early on and be helpful to them as they scale up. We are fortunate to work with many exceptional entrepreneurial teams; companies such as ironSource, Outbrain and Payoneer are transforming entire industries, generating significant revenues and have become global leaders.”

Today, Carmel Ventures manages over $800 million of investor capital and is invested in 35 active companies.

About Carmel Ventures:
With over $800 million currently under management, several successful exits, and a growing portfolio of promising companies, Carmel is among Israel’s top-tier venture capital funds. Founded in 2000 by pioneers and leaders of the Israeli high tech industry, Carmel provides significant capital and active support through the growth cycle of its portfolio companies and is recognized as a true company building fund in Israel.

Carmel is a member of the Viola Group, Israel’s premier technology-focused PE group with over $2B under management. For more information, visit