Former NBA player Omri Casspi has successfully raised $60 million for his latest venture fund, Swish Ventures, which will focus on investing in early-stage startups in the cybersecurity, cloud infrastructure, and artificial intelligence (AI) sectors. This marks Casspi's second fund, following the launch of Sheva Capital, a $50 million fund, in 2022.

Swish Ventures plans to back around 10 companies, investing between $5 million to $7 million per deal. The fund's investment strategy will be similar to Sheva's, focusing on seed investments in startups led by seasoned entrepreneurs who have the potential to build market-defining companies. However, Swish Ventures will have a narrower focus on cybersecurity, cloud infrastructure, and AI, reflecting the growing interest in these areas from investors.

Casspi, who is also overseeing Sheva's portfolio, has managed to attract several founders who were backed by Sheva as investors in Swish Ventures. These include EON founder Ophir Ehrlich, Upwind's founder Amiram Shachar, and PointFive's co-founders Gal Ben-David and Alon Arvatz. Sequoia Capital is also an anchor investor in the fund, demonstrating the confidence of institutional investors in Casspi's investment approach.

The shift in focus towards cybersecurity, cloud infrastructure, and AI is likely driven by the growing demand for these technologies, particularly in Israel and the U.S., where Casspi has concentrated his investments. Israel, in particular, is known for its strength in cybersecurity, with the sector bringing in more than half of the venture capital raised by Israeli startups in the first six months of 2024, according to Startup Nation Central.

Casspi's own investments in Wiz, a cybersecurity startup, and Eon, a Sheva portfolio company, demonstrate his commitment to this sector. His experience as a professional athlete, including being the first Israeli to play in the NBA and the former captain of Israel's national basketball team, has likely influenced his approach to venture capital.

Casspi is not the only athlete to venture into the world of venture capital. Giannis Antetokoumpo, Serena Williams, Kevin Durant, Stephen Curry, and Andre Iguodala are just a few examples of sports figures who have also entered the venture capital space. Casspi claims that his firms have about $125 million in assets under management, with other startups in Sheva's portfolio including Upwind, which reached a valuation of about $900 million, and PointFive, whose founders previously sold a company to Rapid7 and raised $36 million.

Swish Ventures is also adding Dana Alexandrovich as an operating partner. Before her current role, Alexander was the COO of Microsoft in Israel from 2021, leading sales operations across the Middle East and Africa. Her expertise will likely be invaluable in helping Swish Ventures navigate the complex landscape of cybersecurity, cloud infrastructure, and AI investments.

The launch of Swish Ventures marks an exciting development in the venture capital space, with Casspi's unique blend of entrepreneurial spirit and investment acumen set to drive growth in the cybersecurity, cloud infrastructure, and AI sectors. As the demand for these technologies continues to grow, Swish Ventures is well-positioned to capitalize on the opportunities presented, and its focus on seasoned entrepreneurs is likely to yield significant returns in the years to come.