Venture Capital Firm SGVC Closes Third Fund at $52 Million

Los Angeles-based early stage venture capital firm SGVC has closed its third fund at $52 million, the firm announced Tuesday. The fund will focus on investments in early stage fintech startups. Limited partners include Israeli Hachschara Insurance Company, True Capital Management, Manhattan West Asset Management, and Israeli Leumi Investment Services Inc. that served as the fund’s placement agent.

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Calcalist reported in September 2017 that the firm was raising a $50 million fund.

SGVC was founded in 2012 by Israeli-born entrepreneur and financier Dov Frances, formerly of Deutsche Bank's private banking arm. The firm currently has over $150 million in assets under management.

“Since our inception, SGVC has operated under a somewhat contrarian investment thesis,” Frances said in a statement. “We opted to build subject-matter expertise and invest predominantly in early stage financial technology. We’ve insisted on maintaining our investment focus and our fund size knowing that our value-add, returns, and our opportunities lie within early stage deals.”

The firm’s second fund invested in companies including Israel-linked automated payments startup Tipalti Solutions Ltd., instant insurance startup Next Insurance Inc., and enterprise app development and deployment company SkyGiraffe Ltd.