Venture Capital Firm Grove Ventures Raising $120 Million Fund

Israel-based venture capital firm Grove Ventures Capital (GP) Ltd. is in the midst of raising a $120 million in commitments for a second fund, Dov Moran, managing partner at Grove, told Calcalist Tuesday. Moran was the co-founder and CEO of USB flash drive developer M-Systems Inc., bought by SanDisk for $1.6 Billion in 2006.

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In October 2017, Grove announced it closed $110 million in commitments for its first fund. Originally, Moran said, he had intended to raise a second, $110 million fund, but the amount was raised to $120 million. The fund already has commitments for the majority of the amount, Moran said.

 Among Grove Ventures’ portfolio companies are Tel Aviv-based cancer detection startup Nucleai Ltd., Industry 4.0 startup 3D Signals Ltd., Israeli chip development startup NeuroBlade, and Tel Aviv-based semiconductor startup TriEye Ltd.