(Bloomberg) -- 83North, a venture capital firm with offices in London and Tel Aviv, has closed a new $250 million fund that will target early stage technology companies in Europe and Israel.
While 83North has long had a strong focus on British technology startups, Laurel Bowden, a partner at the firm, said because of the U.K.'s decision to leave the European Union, the new fund would probably emphasize investments in European tech hubs outside the U.K.
The fund, 83North's fourth and largest so far, brings the firm's total assets under management to $800 million, the company said in a statement Wednesday.
In the past 83North's portfolio has included food delivery company Just Eat Plc., wireless communications provider Telit -- both of which are now public companies -- mobile games company SocialPoint, which was sold to Take-Two Interactive Software, Inc., and ScaleIO, which was acquired by EMC, among others. It also has a strong footprint in financial technology startups, including Swedish payments firm iZettle AB and Israel-founded Payoneer Inc., which is now based in New York.
83North was formerly called Greylock IL and was affiliated with Silicon Valley-based venture capital firm Greylock Partners, although it always operated independently. The firm rebranded as 83North in January 2015. In addition to Bowden, 83North's partners include Arnon Dinur, Gil Goren, Erez Ofer and Yoram Snir.
The U.K. continues to draw in more investment than its neighbors. Venture-capital firms plowed 6.8 billion pounds ($8.5 billion) into Britain last year, according to an annual study released March from Tech City UK, a London-based organization that promotes the country's digital economy. That's about two and a half times more than invested in France, and almost five times more than in Germany.
To contact the reporter on this story: Jeremy Kahn in London at jkahn21@bloomberg.net.
To contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, Molly Schuetz
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