Former NBA player Omri Casspi has raised $60 million for Swish Ventures, a new venture fund targeting early-stage companies in the fields of cybersecurity, cloud infrastructure, and artificial intelligence (AI).
The fund, which plans to invest between $5 million and $7 million in each of its 10 chosen companies, will bolster Casspi’s growth as a venture capitalist.
Swish Ventures is Casspi’s second fund following the launch of Sheva Capital in 2022, a $36 million fund. With the investment period of Sheva now concluded, Casspi remains involved in managing its portfolio, though he has ruled out raising additional funds under Sheva. “I remain deeply engaged with the growth of our companies, but Sheva will not be expanding further,” Casspi explained in an interview.
Casspi’s new venture fund has already attracted a diverse group of investors, including several founders who were previously supported by Sheva.
Ophir Ehrlich, founder of EON; Amiram Shachar, founder of Upwind; and Gal Ben-David and Alon Arvatz, co-founders of PointFive, are among those backing Swish Ventures.
Again, Sequoia Capital has taken on the role of anchor investor in the fund, lending additional credibility and support.
While the focus of Swish Ventures is similar to that of Sheva—investing in startups handled by experienced entrepreneurs with the prospects to disrupt markets—the new fund will narrow its focus to the high-demand sectors of cybersecurity, cloud infrastructure, and AI.
This change comes as these sectors have gained increased attention from investors, particularly in the United States and Israel, where Casspi has based much of his investment activity.
In Israel, the cybersecurity sector is doing great, drawing huge venture capital funding, with the sector accounting for over 50% of the total venture capital raised by Israeli startups in the first half of 2024, according to Startup Nation Central.
Omri Casspi is positive about these growing fields. He has invested his own capital in Wiz, a leading cybersecurity company, while EON is a portfolio company under Sheva.
He has also shown interest in innovative companies within the cloud and AI spaces, with his new fund positioning itself to support firms with cutting-edge solutions in these areas.
The trend of athletes transitioning into venture capital continues to grow, with Casspi following in the footsteps of other sports stars. Recently, NBA player Giannis Antetokoumpo entered the VC world, while others such as Serena Williams, Kevin Durant, Stephen Curry, and Andre Iguodala have already established their own venture firms.
Casspi’s success in raising $60 million for Swish Ventures places him among a growing group of athletes turning their attention to tech investments.
Omri Casspi, who made history as the first Israeli to play in the NBA and served as captain of Israel’s national basketball team, now oversees a great portfolio with an estimated $125 million in assets under management.
Known companies under Sheva Capital include Upwind, which has reached a valuation of nearly $900 million, and PointFive, whose founders previously sold a company to Rapid7 and later raised $36 million for their new venture.
Swish Ventures is also expanding its team, appointing Dana Alexandrovich as an operating partner. Alexandrovich, previously the chief operating officer at Microsoft Israel, brings great experience in leading sales operations across the Middle East and Africa, further enhancing the fund’s scale-up in the global market.
