Israel-focused venture capital firm YL Ventures has set up a new $27.5 million [£18m] fund to finance seed-stage investments from its Silicon Valley base.
The YLV II fund raised more than the original target of $25 million [£16.4m] and will specifically look to target budding ventures engaged in the SaaS, cloud computing, big data, cyber security, DevOps, e-commerce infrastructure, and mobile technology fields.
"YL Ventures has always been about providing capital, relationships and insights to Internet technology entrepreneurs, with a particular focus on Israeli startups that exhibit strong engineering, capital efficiency and Software-as-a-Service business models," said Yoav Andrew Leitersdorf, co-founder and managing partner of YL Ventures.
He added: “YLV II allows us to continue along our path, and we are deeply grateful to our Limited Partners for the enthusiastic and consistent backing they provide us.”
The fund will finance up to eight companies over the next three years, offering an initial investment in each firm of anything between $1 million [£656,000] and $2 million [£1.3m]. YLV II’s main focus will be Israeli firms, though if other non-Israeli firms impress them they could become one of the eight lucky companies to benefit from investment.
YL Ventures has been investing in firms for some time, with the likes of ClickTale, Seculert, Upstream Commerce and BlazeMeter all benefiting from significant investments in the past.
Each of those has been a significant success for the venture capitalists, with Seculert raising an extra $10 million [£6.9 million] earlier this month - illustrating YLV II’s potential to turn a profit on future investments.
"In reaching this momentous juncture and launching YLV II, we are as excited as ever by the prospect of finding great new companies and making excellent investments,” Leitersdorf noted.