Omri Casspi Raises $250 Million for Third Venture Capital Fund

Former NBA player Omri Casspi, now a venture capital investor, has successfully raised $250 million for the third fund of his firm, Swish Ventures. This latest fundraising effort brings the total assets under management for Swish Ventures to approximately $800 million.

The new fund is designed to make concentrated investments in 10 to 12 companies, with an average investment of around $20 million per company. Swish Ventures will focus on seed and Series A funding rounds, acting as a lead investor or a participating investor alongside other funds. Key investment areas include cybersecurity, technology infrastructure, defense, industrial artificial intelligence, and "Physical AI," which involves AI systems operating in the physical world through robots, machinery, and drones.

Casspi stated that the strategy is to select a limited number of entrepreneurs and provide them with substantial resources, rather than spreading smaller investments across numerous companies. Swish Ventures also operates an Opportunity fund to support portfolio companies through their growth stages. Casspi explained that the increased fund size will allow for deeper investments in both Israeli and U.S.-based companies.

One notable company in Swish Ventures' portfolio is Cognition, which is developing the AI programming agent Devin. Cognition is reportedly seeking to raise nearly $1 billion at a valuation of around $47 billion, a significant increase from its previous funding round. Swish Ventures is currently the sole Israeli investor in Cognition. Overall, eight of the 20 companies Swish has invested in have achieved valuations exceeding $1 billion, with the total portfolio value surpassing $60 billion.

Casspi began his tech investment career after retiring from professional basketball. He co-founded his first fund, Fund Seven, in 2022. In late 2024, Casspi launched Swish Ventures as an independent entity with a $60 million seed fund. The firm later announced its $100 million Opportunity fund in December 2025. Investors in the new fund include returning LPs as well as new participants such as Sequoia Capital, pension funds, U.S. institutional investors, leading American universities, and family offices.