A new VC firm with offices in Israel, London, and New York announced on Tuesday the closing of its debut fund at $41 million with plans to invest in early-stage, deep technology enterprise companies based in Europe and Israel.
Founded in 2018, Angular Ventures says it is the only institutional seed fund focused on enterprise tech, investing across Europe and Israel in startups with US and global ambitions.
The firm, led by founder and general partner Gil Dibner, has built a portfolio of 12 companies with plans to make between five and seven new investments per year, Angular Ventures said in a statement. The fund’s current portfolio spans Israel, the UK, Finland, Romania, and the US.
Angular Ventures said it set out initially to raise $25 million, ultimately reaching a final close of $41 million with most of the capital coming from the US. A majority of the capital base is institutional, including two US-based endowments, several leading fund-of-funds, and family offices from around the world, according to the firm.
The fund’s approach is to “drive startup growth and scale for early-stage companies from across Europe and Israel by rapid expansion into the United States,” Angular Ventures said.
“We invest early – from ‘first check’ to Series A, and our LPs have given Angular the green light to invest anywhere in Europe and Israel,” said Dibner, a VC whose career spans some 15 years working in the US, Europe, and Israel at leading firms including Goldman Sachs in New York, Gemini Israel Ventures in Tel Aviv, and DFJ Esprit, a London-based European firm.
Dibner has backed some 40 companies throughout his career, two of which reached unicorn status, namely the Israeli-founded DevOps platform JFrog and the data analytics form Sisense, eight that have exited, and 28 that have raised capital from US-based VC firms or been acquired by US-based entities.
Of Angular Ventures’ first 12 investments, seven have US VCs as co-investors, seven were led or co-led by Angular, and four have already raised follow-on capital at a significant mark-up in valuation, the firm said.
Angular Ventures’ “broad geographic mandate coupled with our specific industry focus and long track record in enterprise tech investing provides Angular Ventures with a distinct sourcing advantage,” Dibner added.
Led by Dibner, the firm said it sought to “reimagine early-seed venture capital in Europe and Israel by (1) building a sector-focused firm; (2) removing geographical boundaries to investing, and (3) establishing a US presence to support startups in their global expansion.”