TEL AVIV, Israel, February 9, 2017 /PRNewswire/ --
Firstime announced today the first closing of its second venture fund. Firstime II will focus its investments in early stage post seed startups in the fields of internet and new media.
Firstime II raised a total of $40 million out of its $60 million target. Firstime II succeeds Firstime I fund launched in 2013 and deployed $60 million in 15 portfolio companies.
Firstime I portfolio estimated aggregated value of over $360 million. Firstime I portfolio companies raised follow-on investments of more than $100 million. Firstime I portfolio includes Playbuzz, a digital network for publishers, brands and marketers to create and share new format digital content; Talkspace , a platform that enables online and mobile psychotherapy;Pixellot, providing automated sports capturing and production solutions; Brayola, innovative discovery and recommendation online marketplace for fitting and shopping woman lingerie; Kidbox, whose monthly boxed delivery of selected children's clothing comes with a matching donation to needy kids; and oggii, which monitors a dog's movements to measure and track its overall health. The new Firstime II fund announced today, is aiming to replicate Firstime I success in early-stage investments, post-seed and Round A, filling a crucial financing gap faced by many promising young startups.
Founded in 2013, Firstime is managed by three founders and managing partners: Ilan Shiloah, the chairman of McCann Worldgroup Israel and the chairman of The Time group; Nir Tarlovsky, a serial angel investor for more than 20 years; and Jonathan Benartzi, an entrepreneur and executive in digital companies for the past two decades.
Firstime is part of The Time group, which also includes an award-winning internet and media incubator that is supported by the Israeli Chief Scientist Office. The incubator invests mainly in seed companies from the realm of internet and media.
Jonathan Benartzi, managing partner at Firstime: "The internet industry is undergoing a massive change. The internet is merging into our daily activities and everywhere -- at home, at work and on the street. Digital life era technologies present exciting innovative investment opportunities. Firstime II focus on internet and new media technologies. Moreover, we think that the most common exits in the Israeli market, are at the $40 million to $100 million range, that can produce excellent high returns for Firstime and its investors."
SOURCE Firstime Venture