YL Ventures Raises $75m for Israeli Startups

Next Insurance raises $29 million to expand its online insurance offerings

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YL Ventures raises $75m for Israeli startups

California-based YL Ventures said Thursday it had raised $75 million for a new fund, 25% more than it had targeted. The fund will invest in early-stage Israeli companies in cybersecurity, enterprise software, autonomous vehicles, drone technologies and virtual and augmented reality. YLV III aims to be the lead investor in two or three companies a year, putting $2 million to $3 million in each. A large portion of the fund is reserved to participate in U.S. VC-led follow-on rounds of its portfolio companies. Managing partner Yoav Leitersdorf will head the fund and is recruiting additional investment professionals to join its Silicon Valley and Tel Aviv offices. Leitersdorf attributed the strong interest in YLV III to soaring cybersecurity spending. Its first two funds have invested in 10 companies, five of which have been acquired. Most recently, FireLayers was acquired by Proofpoint. (Reuters)

Next Insurance raises $29 million

The digital insurance startup Next Insurance said last week it raised $29 million in an early funding found led by Munich Re/HSB Venture, the venture capital arm of the German insurer Munich Re. U.S. insurers Markel and Nationwide joined in. Next develops a direct link with targeted small business owners to create tailored insurance programs through partnerships with established insurance companies. Next Insurance CEO and co-founder Guy Goldstein said the new financing would go toward building its own insurance products and expanding its offerings into new industries. Founded in 2016, Next is based in Silicon Valley, with research and development facilities in Israel. Asked why Next doesn’t offer insurance in Israel, Nissim Tapiro, vice president for research and development and a co-founder, told The Marker: “Israel is not a big enough market. Our Zionism is expressed in the desire to develop a big company ... that will employ a lot of people.” (Eliran Rubin and Assa Sasson)