Japan’s Sumitomo Corp. has launched a new $100 million investment fund geared to investments in Israel, named IN Venture.
Sumitomo, which is celebrating 100 years of activity, employs around 67,000 people in 135 countries around the world. The Nasdaq traded conglomerate has close to 1,000 subsidiaries. Sumitomo is a Fortune 500 company with an annual profit of $2.9 billion. The corporation is active in numerous industries, including steel, air travel, transport, energy, telecommunication, minerals, and chemicals.
Toshikazu Nambu, Executive Vice President of the corporation, launched the fund in Israel shortly before a mandatory two-week quarantine for anyone entering the country was implemented by the Israeli government.
The fund will be run by Eyal Rosner (55) and Eitan Naor (57). Rosner is a former chairman and director of administration for the Alternative Fuels Initiative in the Israeli Prime Minister’s Office. Naor is the former CEO of ECI Telecom subsidiary ECtel and former CEO of TTI Telcom, while also previously serving as Amdocs VP of Customer Care and Billing.
In March, IN Venture led a $10 million funding round in Anagog Ltd., an Israeli startup developing location analytics technology.