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Former NBA star launches $ 50 million Israel VC fund

Former Israeli NBA star Omri Casspi has launched a new $ 50 million venture capital fund called Sheva to invest in startups at an early stage. The fund was co-founded with David Citron, an early-stage veteran venture capital investor who most recently was Global Founders Capital’s partner, leading the European firm’s activities in the Israeli ecosystem.

Influenced by basketball stars, he played alongside the NBA, which invested in technology companies, on retirement and returning to Israel, Casspi intensified his activity in the early technology scene and has built a portfolio of over a dozen companies in the last few years.

In Casspi’s efforts to become more involved in the venture capital ecosystem, he met David Citron, who said: “Omri initially reached out to me on LinkedIn. I have always been a fan of the game of basketball and grew up watching Omri represent Israel. But a connection request from someone like Casspi seemed like a phishing attempt.We immediately shut it down and started investing in a number of startups at an early stage.Our chemistry was so good that it reached a point that our joint portfolio companies suggested that we join forces on our weekly calls.We were already thinking about whether it was profitable to start a fund, but hearing this message from the founders more than once gave us a real indication of whether the product fits the market , so we decided to go all in and start Sheva “

Sheva focuses on pre-seed and seed stage, as well as opportunistic Series A investments. The fund intends to invest in 20 companies, between $ 1 million – $ 2 million each. The company began operations earlier this year and has already made investments in fintech, cybersecurity and web3 ventures. Among the fund’s investors are institutional investors, family offices, tech entrepreneurs and very active crossover funds that have invested heavily in globally.

Casspi said: “I have always been the hardest worker; the first in the gym, the last to leave. I believe that the same level of energy is what is required of a founder at an early stage and I am eager to bring my busyness and robust network that I was fortunate enough to build over the course of my career to provide real differentiated value to our founders.David and I have very little overlap in the value we add to our portfolio, which we believe is a This combined with our amazing community of LPs that include celebrities, influences, unicorn founders, angel investors and successful GPs, is what we believe is a winning formula for true value-added. “

Citron added, “We combine two successful VC models that have been battle-tested around the world; the pairing of celebrities and veteran VCs and an early investment model that focuses on investing in as many companies as possible at an early stage. “and then to double the upcoming winners with the LPs. We believe that LPs should be far more involved in the portfolio’s investment life cycle, and our investors are very eager to participate in direct investment opportunities with us.”

Published by Globes, Israel business news – en.globes.co.il – on May 2, 2022.

© Copyright by Globes Publisher Itonut (1983) Ltd., 2022.


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