Cardumen Capital, a VC firm founded in 2017 with offices in Tel Aviv and Madrid, announced on Thursday that it raised $60 million in commitments for a new fund that will invest in early-stage, deep tech startups focused on B2B solutions.
The fund is led by Gonzalo Martinez de Azagra, the founder and former head of Samsung Ventures Israel and Roy Gottlieb, also formerly of Samsung Ventures, and will invest mainly in artificial intelligence, cybersecurity, IoT, software infrastructure and big data companies.
Investors in the fund include corporates such as Repsol, a Spanish gas company, financial institutions such as Banco Sabadell, Spain ́s third-largest bank, and high-net-worth individuals mainly from Europe and Latin America, the VC firm said.
Samsung Ventures Israel has backed a number of Israeli startups and companies that have then exited, including Corephotonics (acquired by Samsung in 2019), Replay Technologies (acquired by Intel in 2016), and Magisto (acquired by Vimeo last year).
“We aim to continue our past streak of success as deep tech investors, co-investing with the leading VCs and the world’s largest corporates,” said Gonzalo Martinez de Azagra, Cardumen Capital’s co-founder and managing general partner.
Gottlieb, partner at Cardumen Capital and co-chair of the Young Venture Capital Forum, said: “As a recently established fund, we empathize with the challenges and barriers faced by first-time entrepreneurs. We are here to tackle these challenges head-on, together.”