Randi Zuckerberg, sister of Facebook CEO and founder Mark Zuckerberg, is joining a new fund called Sababa Ventures, aimed at investing in Israeli startups in the media, entertainment, sports, and commerce industries, as a general partner. According to a press release from the fund, it is raising $35 million. A recent filing with the US Securities and Exchange Commission indicates that it has raised $7.1 million so far.
The founding partners in the fund are New York-based entrepreneur and investor Jared Kash and Yaron Kniajer, formerly a partner in the Rhodium fund, and an investor in Face.com, Yotpo, and Outbrain. Zuckerberg is the founder and CEO of the media company that bears her name, Zuckerberg Media. Robert Friedman, CEO of Bungalow Media + Entertainment and a former senior executive at Time Warner and New Line Cinema, has joined the team as a venture partner.
Sababa Ventures plans to invest in early-stage technology companies, and says that the team will invest expertise alongside capital. “We formed Sababa Ventures to build a bridge between Israeli innovators and the American market,” Zuckerberg said.
“By combining Israeli know-how with globally recognized industry leaders, we have positioned Sababa Ventures to become the ‘go-to’ VC in media, entertainment, sports, and commerce,” said Kash. “We are bringing unparalleled access and connections to serve the portfolio, and are creating an innovative venture firm that will be associated with working side-by-side with the most promising startups coming out of Israel.”
Kash most recently led the investment activity of Los Angeles marketing agency Big Block Media, who in turn became the first investors in Sababa Ventures. Big Block Media’s clientele stretches across ESPN, NBA, and Under Armour in sports to HBO, Netflix, and Telemundo in entertainment. “Israeli entrepreneurs are disrupting all business sectors, and targeting value-add capital,” said Kniajer. “There is a unique opportunity within our focus on media and entertainment; that is where we come in. Our investors bring strong industry experience, which will help our startups to build and scale their technologies globally.”
Published by Globes, Israel business news – en.globes.co.il – on November 21, 2019
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Article source: https://en.globes.co.il/en/article-1001308178#utm_source=RSS