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![TMCNet: BRIEF: Magma Venture Partners raises $100m third fund [Globes, Tel Aviv, Israel]](http://images.tmcnet.com/siteart/invisible.gif)
BRIEF: Magma Venture Partners raises $100m third fund [Globes, Tel Aviv, Israel]
(Globes (Tel Aviv) Via Acquire Media NewsEdge) Feb. 11--Magma Venture Partners today announced the $100 million closing of its third fund. The firm began raising capital for the new fund in mid-2011, and the new financing brings the amount managed by the firm to $300 million.
Magma's portfolio companies include crowdsourcing navigation app company Waze Ltd., Valens Semiconductor Ltd., smartphone data consumption reduction solution developer Onavo Ltd., and Magisto Ltd. Magma's last exits proved that its gambles on investing in fabless semiconductor start-ups have paid off: Provigent was acquired by Broadcom Corporation (Nasdaq: BRCM) for $340 million in 2011; Wintegra was acquired by PMC Sierra Inc. (Nasdaq: PMCS) for $300 million in 2010; and DesignArt Networks Ltd. was acquired by Qualcomm Inc. (Nasdaq: QCOM) for $100 million in 2012.
Magma, founded in late 1999, is a second-generation Israeli venture capital fund; not a firm established with the help of the government's Yozma Venture Capital. Magma managing partners Modi Rosen and Yahal Zilka said in a statement, "Closing the financing for the fund in these times is a milestone, and an important foundation for the continued progress of innovation in Israel."
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(c)2013 the Globes (Tel Aviv, Israel)
Visit the Globes (Tel Aviv, Israel) at www.globes.co.il/serveen/globes/nodeview.asp fid=942
Distributed by MCT Information Services
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