Hurvitz's Pontifax raises $92M for third fund
Pontifax reporting noticeably higher returns, even on a global scale. Fund's dazzling results are main reason why roping in new investors was so easy
Apparently not all Israeli VC funds are sailing choppy waters when it comes to raising funds. Pontifax, a life science VC fund, has completed a $94 million financing round for one of its three funds Pontifax 3, Calcalist learned.
The round was completed within two months with investors including the fund's current investors and a number of newcomers. Co-founder Eli Hurvitz is the key investor but unlike the other two funds, he will not be a member of the fund's management company.
Two partners who will be part of the management team are Tomer Kariv (who is married to Hurvitz's daughter) and Ran Nusebaum.
Among the fund's investors are Shlomo Dovrat and Avi Zeevi's Viola Group; Zvi Barinbiom; Poju Zabludowicz; Mori Arkin; Mort Mendle, co-owner of Phoenicia and Tadbik; Insurance companies Harel, Menora Mivtahim and Ayalon; Altshulaer Shaham and French pharmaceuticals giant Roche.
Propelling life sciences
While life is hard for other life sciences VC funds which are posting negative returns of low ones at the best are struggling to recruit investors, Pontifax is reporting noticeably higher returns, even on a global scale. The fund's dazzling results are the main reason why roping in new investors was so easy.
Despite the ruts and bumps life science funds are negotiating, aside from Pontifax's current round, a number of other financing rounds took place this year.
The large $250 million financing round by Orbimed from Israel's Chief Scientist's fund and Clal's upcoming round are a strong tailwind for the life sciences industry.
Estimates on the market are that the fund has already begun examining making its first investments from the new fund.
Click here to read this report in Hebrew
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