Omri Casspi Raises $250 Million for Third Swish Ventures Fund

Omri Casspi, the first Israeli NBA player, announced the successful closing of his third Swish Ventures fund, raising $250 million. This brings the total assets under management for the fund to approximately $800 million. The fund will act as a co-investor, planning to invest an average of $20 million in about 12 early-stage Israeli and American startups. Casspi's previous investors, including Sequoia Capital, US pension funds, universities, and family offices, participated, alongside new undisclosed investors.

The new fund will focus on investments in cybersecurity, technological infrastructure, physical AI, defense, industrial AI, and government technology. Since its inception in late 2024, Swish Ventures has invested in 20 companies, eight of which have become unicorns, with a current aggregate portfolio value around $60 billion. Notable portfolio companies include Cognition AI, Applied Compute, and EON.

In early December, Swish Ventures raised $100 million for its Opportunity Fund, a follow-on investment vehicle. Casspi, the sole managing partner, founded Swish Ventures in 2022, initially raising $63 million for seed investments. He began investing in startups and venture capital funds during his playing career.

Casspi stated that Swish Ventures aims to be a significant partner to leading entrepreneurs, focusing on a select group of exceptional founders. He emphasized the fund's commitment to Israel, with the new fund allocating 50% of its investments to Israeli companies and 50% to US companies. Casspi believes the rapid fundraising reflects investor confidence in both the Israeli tech ecosystem and Swish Ventures, highlighting Israel's advancements in AI, cybersecurity, and other fields as an opportune time for building new companies.