Israel-based Viola Private Equity announced its new fund, Viola Private Equity I, raised $250 million.
The company’s previous funds have invested in technology, ecommerce and medical devices. The new fund will focus on companies that have a minimum of $15 million in yearly revenue, and while Viola has a commitment of $250 million already, it is on the lookout for new opportunities up to $300 million.
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The fund raised money from Asia for the first time, and its objective is to increase its backing from Asia, particularly China. “We are a growth equity fund focused on tech companies domiciled in Israel, ” partner Harel Beit-On said.
Viola will look for 10-12 growing companies which have a size between $20 million and $40 million. Its previous fund has 12 investments, with four exiting or filing an IPO. The new fund has invested $12.5 million in GlassesUSA.com. Beit-On commented that the prescription eyeglass market in the U.S. is $27 billion annually, and the business carries high margins.
Viola Private Equity is a member of Israel’s Viola Group, which has over $2 billion under management. The company led by four general partners: Harel Beit-On, Jonathan Kolber, Sami Totah and Ayal Shiran.
