Venture capital firm 83North (formerly Greylock IL) has announced a new £130 million ($200 million) fund to invest in European and Israeli startups.

The fund is the third to be raised by the firm, which now has over $550 million in capital under management.


83North has used its previous funds to invest in UK businesses like Just Eat, Notonthehighstreet, Wonga, Ebury and Citymapper. 

83North said it wants to use the new fund to back companies focusing on data cenre and cloud technologies, software, marketplaces, consumer services and fintech, areas that it believes it has expertise in. 

Laurel Bowden, partner at 83North in London, told Techworld that half of the new fund is likely to be spent on European firms but was unable to specify exactly how much will go to UK startups. 

“With local presence in both London and Tel Aviv, we get access to some of the best talent in the world," she said. "That enables us to add value to entrepreneurs by exposing them to the best practices in each domain.

"Our fintech portfolio is a good example of this strategy, we backed global companies like Ebury and Wonga in London, Payoneer in Tel Aviv, Bluevine and Marqeta in California and iZettle in Sweden.”

Erez Ofer, partner at 83North in Tel Aviv, said: “We believe in the hands-on, personal approach when working with entrepreneurs to realise their visions."

The venture capital firm invests in companies at all stages but it has an emphasis on early investments.

"We work side by side with founding teams to build companies from the ground up,” said Ofer. 

Venture capital houses such as Index Ventures and Balderton Capital announced new funds for European tech startups last year, as did corporates such as Google Ventures and Santander