Israel-based Crescendo to raise new VC fund of up to $100 mln

Tel Aviv-based venture capital firm Crescendo Venture Partners said on Tuesday it is launching a new $80 million-$100 million fund to invest in early-stage Israeli software startups.

TEL AVIV, Dec 3 (Reuters) - Tel Aviv-based venture capital firm Crescendo Venture Partners said on Tuesday it is launching a new $80 million-$100 million fund to invest in early-stage Israeli software startups.

The new fund has completed its first closing and plans to have its final closing in the first half of 2020. The fund is partnering with the Swiss Crescendo Group, which manages client assets of more than $3 billion.

The fund will invest in fields such as big data, artificial intelligence and machine learning with an emphasis on software that transforms traditional sectors such as agriculture, education, construction, healthcare and industry.

The fund already made its first investment when it led a funding round for Lightico, a startup that has developed automation technology for customer contact centres.

(Reporting by Tova Cohen)

((tova.cohen@thomsonreuters.com; +972-9-899-0222; Reuters Messaging: tova.cohen.thomsonreuters.com@reuters.net))

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