Gil Dibner, who grew up in Boston but calls Tel Aviv home, has wrapped up fundraising for his debut fund, closing on $41 million to invest in early-stage, deep-tech enterprise companies based in Europe and Israel. The firm had initially targeted to raise $25 million.
Founder and General Partner Dibner is the sole GP of Angular Ventures, which has been operating in stealth mode for nearly two years, but has already backed 12 companies and has plans to make five to seven new investments per year.
Dibner said that of the fund’s first dozen investments, seven have U.S. VCs as co-investors, while seven were led or co-led by Angular. Four already raised follow-on capital at a significant mark-up in valuation, the firm said.
Dibner said that more than half of the fund’s capital comes from LPs in the United States. He said that 74 percent of the fund’s capital base is institutional, including two U.S. endowments, a fund-of-funds, as well as family offices worldwide.
The firm calls London its headquarters on its website, but it also operates from Tel Aviv and New York. The fund’s current portfolio spans the globe and includes Israel, the United Kingdom, Finland and Romania. The firm looks to invest in companies that have expansion plans.
Dibner told Venture Capital Journal that the firm is the only institutional seed fund focused on enterprise technology, investing across Europe and Israel, with a platform presence in New York to support U.S. expansion.
In addition to Dibner, the firm’s staff includes Anna Augusta Blum as head of platform. She’s based in New York and works with portfolio companies to provide them with resources and connections. In London, Andrew Poesaste serves as analyst.
Angula Ventures also works with a team of advisors, including Fred Simon of JFrog; Eldad Farkash, founder of SiSense; and Phil Wickham of Sozo Ventures, to work with the portfolio companies. The advisors have equity in the fund’s carry structure.
The firm recently backed Candu, a U.K. company in the customer success domain, founded by an American and an Italian, Dibner said.
“Taking advantage of Angular’s global network, we recently connected them with a senior advisor in our Israeli network who served as CTO and VP Product for a related company,” Dibner said. “They are now successfully working closely together to tackle product challenges.”
Other portfolio companies include field-service optimization company Aquant.io; HR workplace misconduct platform Vault; nano-tech security technology provider Dust Identity; and food supply chain optimization company Trellis.
Before launching Angular Ventures, Dibner had been with Index Ventures and DFJ Esprit in London, as well as Gemini Israel Ventures and Genesis Partners in Tel Aviv. In addition, he was an angel investor and led syndicates via the AngelList platform.