The team at 83North recently revealed that they closed a $400 million fund, which brings their total capital under management to more than $2.2 billion.
This is reportedly their 11th fund, “raised from the same small group of Limited Partners who have supported [them] for years – many of them from the very beginning of the fund 16 years ago.”
83North says their strategy “remains the same since [they] started operating in 2006.”
They raise relatively small funds. They think this is in “the best interests of [their] entrepreneurs and investors.” They claim that they “don’t rush to invest and are deeply involved with [their] companies, while building close and long-term relationships with entrepreneurs.” This model is “hard to scale.”
The team added:
“We are four equal partners; we have worked together for many years and our operation is lean. We are hands-on (we don’t delegate). Our small size ensures a very high level of trust in the partnership which translates into transparent and quick processes. Despite our focused approach, we invest globally (US, Europe, Israel) and operate across many segments. In our 16 years of operations we’ve invested in close to 90 companies, exited 30 of them and have been fortunate enough to be involved with 14 unicorns (and hopefully many more in the making).”
They also mentioned:
“We have also made tons of mistakes along the years, missed a lot of amazing companies, sometimes invested in the wrong ones (not too many times…) and many times we were just plain lucky (probably more than we acknowledge…) And still, lucky or not, we’ve always believed that innovation and technology, if led by unique individuals, can make this world a better place, especially in crazy and unstable times like the ones we are seeing now.”
The team concluded that they’re “looking for these individuals and want to work with them.”