Greenfield Partners, an Israel-based investment firm focused on early growth stage technology, has announced the completion of three new investment funds totaling $350 million.
Greenfield Partners Fund II, which is intended to invest across 15 startups in their early growth stages (rounds B and C). several additional investment vehicles will jointly enable larger investments and support Greenfield’s existing portfolio companies at later stages and over time.
Due to the new funds raised, Greenfield Partners’ total assets under management now exceed $500 million.
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Greenfield Partners’ investments include Guardicore, which was sold to Akamai in September 2021; Avanan, which was sold to Check Point in August 2021; and unicorns VAST Data ($3.7 billion) and BigPanda ($1.2 billion). Capitolis, Coralogix, Cynet, Silverfort, Panorays, EquityBee, Mixtiles, DustPhotonics, Planck, and Quali are among the significant firms that Greenfield Partners Fund II has already invested in.
Greenfield was established in 2016 by TPG, a $109 billion global alternative asset management firm founded by David Bonderman and Jim Coulter. In 2020 Greenfield becomes an independent fund but continues to serve as senior advisor to TPG Growth seeking growth stage investments in Israel.
Since its spinout, Greenfield is backed by additional investors from top institutional investors, entrepreneurs, and investors from Israel and around the world.
Avery Schwartz, a long-time Goldman Sachs investment banker, and Raz Mangel, previously with Barclays, joined Greenfield as Partners and Principals before the spinout.
Greenfield’s distinct value comes from assisting entrepreneurs and their businesses in transitioning from being purely R&D oriented to ones where international expansion and building out go-to-market capabilities are essential principles of their operations.
The fund focuses on corporate software and invests in fintech and consumer/internet startups in their early stages of growth.
Greenfield’s staff, as well as its global network of advisers, comprises a varied group of past founders, senior executives from top technology firms, and financial specialists with banking and investing expertise.
The fund has seven investment professionals working out of New York and Israel offices.
“We are at a period when the market is placing greater emphasis on healthy unit economics, which is where our expertise lies, after several years where we saw investors rewarding growth at all costs,” says Shay Grinfeld, Managing Partner at Greenfield. “We invest in companies after years in which the companies’ management was focused on R&D, product-market-fit, and initial build-out of its sales function. At the early-growth stages where we enter, new challenges emerge and we have the expertise and the tools to work with founders to ensure they manage them in an optimal way.”
“In this period of market volatility, we are grateful for our ability to continue to support Israeli entrepreneurs and promote innovation through our new funds,” says Yuda Doron, Managing Partner at Greenfield. “We see where the company needs to be a few years down the road and work closely with them on building their sales organizations, recruiting executives, opening international offices, improving KPIs, and developing scalable internal processes, which together set up our portfolio companies up for long-term success. We have been active in the Israeli technology ecosystem for many years and thank some of the world’s leading investment managers who have chosen to partner with us and believe in the Israeli technology market.”