Japan's Sompo, AT Partners, NTT Finance Launch Joint $40 Million Fund to Invest in Israel
The fund made its first limited partnership in Israel last month, according to Nobuyuki Akimoto, co-founder and managing director at AT Partners
Adi Pick | 13:09 22.08.2019
Japanese insurance company Sompo Holdings Inc. has partnered with Tokyo-based venture capital firms NTT Finance Corp. and AT Partners Inc. to launch a $40 million fund that will become a limited partner in Israeli venture capital firms, Nobuyuki Akimoto, co-founder and managing director at AT Partners, said in a Wednesday interview with CTech by Calcalist. The new fund will not invest in specific startups, but rather partner with approximately 10 Israel venture capital firms, Akimoto said. The fund made its first commitment in Israel last month, investing $2 million in a fund managed by Vertex Ventures Israel, Akimoto said. Vertex Ventures was one of the two most active venture firms in Israel in 2018, according to a report published in January by Tel Aviv-based research firm IVC Research Center. Vertex Ventures has $960 million in assets under management, and its portfolio companies include no-checkout shopping startup Trigo Vision Ltd., LiDAR startup Innoviz Technologies Ltd., and Cloud backup startup OwnBackup Ltd.
Sompo already has local activity in Israel after setting up an innovation hub in Tel Aviv In 2018. Sompo’s Israeli arm focuses on startups in the fields of insurtech, mobility, health and care for the elderly, blockchain, home IoT, and cybersecurity, the company said.