By Evan Vitale
As I write this, a hurricane is bearing down on the Bahamas; Florida and Georgia and who know where “Matthew” will go from there. There’s a rush on supplies; bottled water; generators and gasoline for those who are evacuating. Stay safe everyone in the path of this storm!
Meanwhile, here are the stories making headlines in the world of venture capital:
TechCrunch is reporting that Fenox Venture Capital is putting India funds on hold after its General Partner Venktesh Shukla departed. This occurred after a recently appointed general was hired to lead the fund.
Shukla did not offer much detail, but in an email to TechCrunch said, “I was initially tempted by the opportunity to work with the fund in India but changed my mind. [I’ve] decided to build my own early-stage fund focused on Silicon Valley innovation.”
Shukla’s early-stage fund is called Monta Vista Capital.
Read the details here: http://tcrn.ch/2dKg19o
In Detroit, Crain’s is reporting venture capital activity experienced a sharp increase in Michigan during third quarter.
According to the Washington D.C.-based National Venture Capital Association and PitchBook, a VC database, $118.8 million was invested in 18 deals in Michigan during the third quarter – up from $58 million in the second quarter and $48.8 million in the first quarter.
Michigan ranks 17th nationally in VC deals in the third quarter.
The full story is here: http://bit.ly/2duIRzw
Payoneer has raised $180 million in venture capital funding, as reported by Financial Times. This makes the Israeli-turned-US cross-border payments provider the subject of one of the biggest funding rounds by a financial technology company this year.
The company was founded in 2005 by Yuval Tal, a former Israeli special forces officer, who is its president. It has its headquarters in New York, a large research centre in Tel Aviv and has clients in more than 200 countries, including many of the biggest internet marketplaces such as Amazon, Airbnb, Google, Getty Images and UpWork.
Check out the story here: http://bit.ly/2cUsyu6