CreditEase Israel Innovation Fund II Announces First Close at over $30 Million for Investment in Israeli High-Tech Companies
Rapid One-Month Fundraising, Towards $50 Million Target, Follows Success of CEIIF I
Israel, 13 January 2017 - CreditEase Wealth Management today announced the first closing of its second fund, CEIIF II, which has raised $32.2 million since its launch one month ago towards a target capital commitment of US$50 million. The rapid fundraising follows the success of CreditEase Israel Innovation Fund I, which closed in October 2015 after raising US$30 million.
“Reaching the first close for CEIIF II within the first month has given us renewed confidence that Israeli technology and the investment opportunities it brings continue to be a sweet spot for Chinese high-net-worth individuals,” said Richard Williamson, Head of Offshore Business at CreditEase Wealth Management.
“CreditEase Wealth Management is the first Chinese financial-services firm to establish a local office in Israel,” commented Tayman Kan, Managing Partner of CEIIF. “With China’s economy transforming from traditional labour-intensive manufacturing to a service-driven model, we continue to see more and more Chinese investors diversifying their investments across regions and asset classes. We work closely with our partners in China to bring our Chinese clients the untapped and unlimited potential between Israel and China.”
Israel’s achievements in technology and innovation have earned the country the title Silicon Wadi, after Silicon Valley in California. It is third, after the U.S. and China, in the number of companies listed on the NASDAQ stock exchange, and it has more startups than the entire European Union.
All these favorable conditions made 2016 a record year for Israeli VC, with 2017 promising to continue that strong trend.
“In the past year, our first fund successfully completed eight investments in a mixture of early- and later-stage technology companies in Israel,” said Benjamin Weiss, Managing Partner of CEIIF. “These included imVision Technologies, CellMining, Knowmail,
Kaminario, Corephotonics, Saguna Networks, DiACardio and GamEffective. And our investments position us as one of the more active VC funds in Israel.”
CEIIF II will look to invest in six key sectors: Virtual and Augmented Reality (VR/AR), Artificial Intelligence and Machine Learning, Digital Healthcare, the Internet of Things (IoT),Cloud and Data Storage and Advanced Manufacturing.
Weiss added: “Chinese investments in the past two years have moved from sharing economies to companies with richer IP assets. This trend plays into both our investment philosophy at CEIIF and the strengths of the Israeli market. We are excited to continue the positive momentum from our first fund to find more innovative and profitable investment opportunities for our clients.”
About CreditEase Wealth Management
The wealth management arm of CreditEase focuses on comprehensive global asset allocation services for high-net-worth individuals and the new middle class in China, offering a wide range of services and products available in multiple currencies for onshore and offshore investments in the areas of fixed income, private equity, capital markets, hedge funds, real estate, insurance, as well as investment immigration and international education. CreditEase Wealth Management is committed to providing high-quality products and services in line with customer needs and expectations, as well as formulating comprehensive plans for wealth preservation and growth.
About CreditEase Israel Innovation Fund (CEIIF)
Established in 2015, CEIIF (or “CE Ventures”) is a venture capital fund that provides end-to-end support to its portfolio companies, leveraging its extensive China relationships. It currently manages US$65 million in assets across two funds.
For further information about CEIIF, please visit its website, www.ceiif.com.