Canaan Partners Raises Money to Invest in Israeli TechnologyGwen Ackerman
Venture capital investor Canaan Partners is raising a $60 million fund to invest in early-stage Israeli technology companies, said general partner Izhar Shay.
“The Israeli market represents a unique opportunity,” Shay said in an interview in Tel Aviv, noting that there have been 800 exits of Israeli startup companies for a total of $45 billion over the past 10 years. “This is a healthy environment and we wanted to do more than we are doing today.”
Last year, mergers and acquisitions of Israeli companies totaled $9.7 billion, just short of the $10 billion reached in 2006, a sum that also included initial public offerings, according to IVC Research Center, which monitors the local technology industry.
The fund, Canaan Partners Israel, is backed by the Canaan Partners Global fund and is attracting a mix of local and foreign investors, Shay said. It is the investor’s first fund solely directed at Israel.