Swish Ventures will focus on seed investments in startups led by experienced entrepreneurs, with a specific focus on cybersecurity, cloud infrastructure, and AI. This is a shift from Sheva's broader focus, which also included fintech and web3. The change reflects growing investor interest in cybersecurity and AI, particularly in Israel and the U.S. Casspi's firms reportedly have about $125 million in assets under management, including investments in companies like Upwind and PointFive.
Key takeaways:
- Former NBA athlete Omri Casspi has raised $60 million for his new venture fund, Swish Ventures, which will focus on investing in early-stage cybersecurity, cloud infrastructure, and AI startups.
- Swish Ventures plans to back 10 companies, investing $5 million to $7 million per deal. This is Casspi's second fund, following the launch of Sheva Capital, a $36 million fund, in 2022.
- Several founders who were backed by Sheva are now investors in Swish Ventures, including EON founder Ophir Ehrlich, Upwind’s founder Amiram Shachar, and PointFive’s co-founders Gal Ben-David and Alon Arvatz. Sequoia Capital is an anchor investor in the fund.
- Swish Ventures is narrowing its focus to cybersecurity, cloud infrastructure, and AI, reflecting investors' increasing interest in these sectors, particularly in Israel and the U.S. Casspi's firms reportedly have about $125 million in assets under management.