Asian investors help Israeli VC firm Pitango raise $270 mln

Reuters

JERUSALEM (Reuters) - Israel's biggest venture capital firm, Pitango, found new backers in Asia to help raise $270 million, which it plans to invest in Israeli technology companies that target the global market.

The new fund, called Pitango VI, will focus on sectors like mobile applications, life sciences, medical devices and biotech, Pitango said on Tuesday.

Beyond its existing backers, Pitango said it tapped new investors, mostly from China, India, Taiwan, and South Korea, and, due to high demand, surpassed its initial target by $20 million.

"Together with the new investors who have joined the fund, we are opening doors to new opportunities in growing markets that seek Israeli innovation," Pitango's co-founders Chemi Peres and Rami Kalish said in a statement. (Reporting by Ari Rabinovitch)

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