The Israeli Venture Capital firm Magma announced that it raised $150 million for a start-up fund that will provide seed money for early-stage technology companies based in Israel, WSJ reports. Magma was an investor in navigation app Waze which was sold to Google in 2013 for over $1 billion. It also invested in Onavo Mobile, bought by Facebook for $120 million. Onavo does all of Facebook’s Israel-based research and development.
This is welcome news for Israeli start-ups, as activity in the country by venture capital firms has declined so far this decade. Magma plans to invest in 25-30 projects or companies with amounts ranging from $500, 000 to $6 million.
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