Former NBA athlete Omri Casspi has officially launched Swish Ventures, a new $60 million venture capital fund dedicated to backing early-stage startups in cybersecurity, cloud infrastructure, and artificial intelligence. The fund aims to support 10 companies, with individual investments ranging from $5 million to $7 million per deal.
Strategic Shift Toward High-Growth Sectors
Swish Ventures represents the next chapter for Casspi following his 2022 launch of Sheva Capital, a $36 million fund. While Casspi will continue to manage the existing portfolio of Sheva, he confirmed that no further capital will be raised under that banner. The new fund marks a strategic tightening of focus, pivoting away from the broader fintech and web3 mandates of his previous venture to concentrate on the rapidly evolving AI and security landscapes.
This thesis is supported by strong institutional backing, including Sequoia Capital as an anchor investor. Additionally, the fund features a unique ecosystem of support: founders from Sheva’s portfolio—such as Ophir Ehrlich (EON), Amiram Shachar (Upwind), and Gal Ben-David and Alon Arvatz (PointFive)—have transitioned into investors for Swish Ventures.
Market Dominance in Israel and the U.S.
The fund’s geographical focus remains centered on Israel and the United States. Israel, in particular, continues to be a global powerhouse in the cybersecurity sector, which accounted for over 50% of all venture capital raised by Israeli startups in the first half of 2024, according to data from Startup Nation Central.
The success of serial entrepreneurs in the region further validates this focus. Companies like Wiz—which notably rejected a $23 billion acquisition bid from Google—and Eon, which achieved unicorn status within its first year, underscore the high value of second-time builders in cloud security. Casspi has personal skin in the game, having invested in Wiz, while Eon is part of the Sheva portfolio.
Athletes Transitioning to Venture Capital
Casspi, the first Israeli to play in the NBA and a former captain of the Israeli national basketball team, joins a growing roster of professional athletes turned venture capitalists. This trend includes high-profile figures such as Serena Williams (Serena Ventures), Kevin Durant (35V), Stephen Curry (Penny Jar Capital), and Andre Iguodala, who operates Mosaic General Partnership.
Expanding Operational Expertise
To bolster the fund’s capabilities, Swish Ventures has appointed Dana Alexandrovich as an operating partner. Alexandrovich brings significant industry experience, having served as the COO of Microsoft Israel since 2021, where she spearheaded sales operations across the Middle East and Africa.
With the launch of Swish, Casspi’s total assets under management across his firms reach approximately $125 million. Current portfolio highlights include Upwind, which recently confirmed a $900 million valuation, and PointFive, which has secured $36 million in funding.