US-based venture capital firm Group 11 has raised $120m for the first close of its fifth fund, from limited partners including insurers Migdal Insurance, Harel Group, Menora Mivtachim Insurance and Hachshara Insurance Company, NoCamels has reported.
Migdal and Harel Group anchored the fund, which also received commitments from More Investment House, True Capital Management and several unspecified family offices based in the United States and Israel.
The fund, which had initially targeted $100m of capital commitments, reached its first close after just 90 days of fundraising. Group 11 will use the capital to invest in financial technology companies primarily located in the Silicon Valley region of California.
The VC firm was founded in 2012 by partner Dovi Frances, who sits on the boards of portfolio companies including workforce management software developer Papaya Global and real estate services provider HomeLight.