Well known US VC house Greylock Partners is launching a brand new $160 million fund aimed at internet technology companies, with the fund being deployed between Europe and Israel. Greylock is best known for its stakes in Facebook, Groupon and LinkedIn and European investments including Wonga. Greylock’s move will be a shot in the arm for European tech companies looking for more options when raising financing.
We’ve confirmed that the fund will be represented in London by Laurel Bowden, a Partner, and will cover investments from early stage and beyond.
[Correction: The fund was raised by Greylock Partners' affiliate fund, Greylock Israel Partners. The fund is managed by five Greylock general partners, Moshe Mor, Erez Ofer, Yoram Snir, Laurel Bowden and Arnon Dinur. Laurel Bowden is operating from the recently opened office in London. Greylock Partners began operating in Israel in 2002, when Moshe Mor started investing there and launched Greylock Israel with its first fund in 2006].
In the US Greylock invests in seed stage companies through its Greylock Discovery Fund, early stage companies through Greylock XIII and late stage companies through Greylock Growth. But this new fund will specifically target Europe and Israel.
[Update: We've now confirmed with Greylock that this is Fund II for Europe/Israel. Fund I started investing in Israel in 2006 and started investing in Europe in 2008.]
The news will be of interest to the latter, since VC fundraising has fallen off dramatically and in 2010 VCs in Israel raised no new capital. Greylock Israel has not had any large exits so far, and had to write off its investment in failed mobile company modu.
Bowden joined Greylock in 2008 and her investments at Greylock include Wonga, notonthehighstreet and Just Eat. She is also an angel investor in companies such as Hybris, Wix and Fizzback.