Angular Ventures, the early-stage enterprise and “deep tech”-focused VC firm founded by former DFJ Esprit partner Gil Dibner, is announcing the closing of its debut fund at $41 million.
Targeting startups in Europe and Israel, Angular Ventures has been operating in so-called “stealth mode” for almost two years, seeing its portfolio grow to 12 companies. The VC typically invests between $250,000 and $1.5 million, from writing a startup’s first cheque to Series A. It says it aims to do five-seven new investments per year.
Companies backed by Angular include “service intelligence” startup Aquant.io, HR workplace misconduct platform Vault, nano-tech security technology provider Dust Identity (also backed by Kleiner Perkins) and food supply chain optimization company Trellis.
Notably, Dibner is Angular Ventures’ sole general partner. Prior to founding Angular Ventures, he was most recently running an angel syndicate on AngelList, although his venture career goes back much further.
Before leading the syndicate, Dibner was a partner at London-based venture capital firm DFJ Esprit, which he departed in March 2015. He was previously a principal at Index Ventures, also in London, and had earlier spells at Israeli VCs Gemini Israel Ventures and Genesis Partners, both in Tel Aviv.
Dibner says he wanted to “re-imagine” early-seed venture capital in Europe and Israel by building what he describes as a sector-focused firm, and removing geographical boundaries by investing in both Europe and Israel, and establishing a U.S. presence to support portfolio startups with global expansion.
Whether or not you think that is particularly unique, your mileage may vary, but there is no doubt Dibner has a decent investment track record in the enterprise space and beyond, either way.
Throughout his career to date, Dibner says he has backed 40 companies. Breaking this down further: 28 have raised capital from U.S.-based VC firms or exited to U.S.-based acquirers. In fact, he’s seen eight exits overall, and two of Dibner’s investments — JFrog and SiSense — have reached “unicorn” status, i.e. a valuation of $1 billion or more.
Despite his track record, Dibner says it took four years to finally close this fund, which has given him even more empathy for founders during fundraising.
“It took nearly four years to get from concept to a first close, and although we were ultimately significantly oversubscribed, I had to hear a lot of ‘nos’ to get this done,” he tells TechCrunch. “There are a lot of differences between raising a fund and raising money for a company, but experience has given me even more empathy with founders who are often enduring very difficult fundraising pathways. The most ambitious ideas usually have the most difficult fundraising.”
It is also probably worth noting that all of Angular’s LPs are private/commercial — in other words, no taxpayer money is at stake here, unlike a plethora of European VC funds. And whilst Dibner is the sole GP, he says he’s working with a team of advisors helping to source deals, provide due diligence and support portfolio companies.
They include: Fred Simon, founder of JFrog; Eldad Farkash, founder of SiSense and Firebolt, an Angular portfolio company; Guy Poreh, former EVP New Media at BBDO, who led Wix’s U.S. market launch and founded Playground; Jerry Dischler, who leads product for Google search and YouTube search; and Phil Wickham, who founded Sozo Ventures and is the chairman of the Kauffman Fellows Program.