Israeli venture capital fund YL Ventures has sold its stake in compatriot cybersecurity firm Axonius – just days after the latter was valued at over a billion dollars.
The stake, worth around $270 million, was purchased by ICONIQ Growth, DTCP, Harmony Partners and Alkeon Capital Management. It is YL’s first major return since it began its $75m fund in 2017.
Axonius, which markets itself on allowing clients a comprehensive asset inventory, was founded the same year, and picked up by YL as one of its early-stage investments. YL still has stakes in six other startups, and closed a fourth, $120m fund most recently in 2019.
It seems like a win-win for Axonius and YL. ICONIQ Growth is a renowned late-stage investor that has backed headline tech companies including Crowdstrike, Adyen and Zoom, among others.
“The transition from early-stage to late-stage investors just makes sense as we drive toward IPO, and it allows each investor to focus on what they do best,” Dean Sysman, co-founder and CEO of Axonius, told TechCrunch.
“We appreciate the guidance and support the YL Ventures team has provided during the early stages of our company and we congratulate them on this successful journey.”