Israel's OTV raises $170m, plans Asia expansion
OTV, an Israeli VC firm focused on digital health, has closed its latest fund at $170 million, opened a China office, and appointed a new head of Asia to spearhead an expansion in the region.
OTV was founded as Olive Tree Ventures in 2015 by Mayer Gniwisch, Amir Lahat and Alejandro Weinstein. It claims to be the only VC firm in Israel dedicated to digital health. The team is built on a range of backgrounds, including healthcare, technology, private equity, and financial services.
Jose Antonio Urrutia Rivas (pictured), who previously worked as Asian markets developer for Latin American investor LarrainVial, has been brought in as head of Asia Pacific. The new China office will complement existing branches in New York, Tel Aviv and Montreal, and is expected to support cross-border expansions for portfolio companies.
“OTV provides a unique connection between West and East, linking portfolio companies to Israel, North America and Asia and enhancing cooperation between these different markets,” Rivas said in a statement. “I am thrilled to have the opportunity to work with the OTV team, whose investment experience in a wide range of fields makes them perfectly placed to develop and implement winning growth strategies for best in class digital health companies.”
OTV targets established start-ups with a focus on advancing practical outcomes in areas such as improving diagnosis rates for serious illnesses, developing new treatments for terminal diseases, and boosting wellbeing globally. The firm estimates the digital health market has grown 150% since 2017 and is set to be worth $540 billion by 2025. It cites research by StartUp Health that found Asia was home to three of the top-10 best-funded cities in health innovation outside of the US.
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