Swish Ventures, the venture capital firm founded by former NBA player Omri Casspi, has closed its third fund at $250 million with backing from Sequoia Capital and other major institutional investors. The fund will focus on approximately 12 early-stage startups in seed and Series A rounds, with an average investment of $20 million per company.

What Makes This Fund Different From Other AI Investors?

While many venture firms chase generalized artificial intelligence opportunities, Swish Ventures is taking a more targeted approach. The new fund will concentrate on startups operating in specific sectors that require deep technical expertise: cybersecurity, technology infrastructure, physical AI (robotics and autonomous systems), defense technology, AI for industrial applications, and government technology. This focus reflects a broader trend in venture capital where investors are moving beyond consumer-facing AI chatbots toward enterprise and infrastructure applications.

Casspi's track record speaks to the firm's credibility in this space. Since founding Swish Ventures in early 2025, the firm has built a combined portfolio valuation exceeding $60 billion in just over a year. Eight of the 20 companies the firm has invested in have already reached unicorn status, meaning they are valued at $1 billion or more. The firm's existing portfolio includes notable companies such as Cognition AI, Applied Compute, EON, and Wonderful.

"Closing our third fund in a short period of time, with the support of some of the world's leading institutional investors, is first and foremost a vote of confidence in the founders we back and the credit they deserve," said Casspi in a statement.

Omri Casspi, Founder and Managing Partner at Swish Ventures

Who Is Backing This Fund and Why Does It Matter?

The third fund attracted a diverse group of institutional backers beyond Sequoia Capital, including US pension funds, leading American universities, and family offices. This mix of investors signals confidence from multiple segments of the financial world, not just venture capital firms. Pension funds, in particular, represent long-term institutional capital that typically commits to multi-year investment horizons, suggesting these backers believe in the durability of the startups Casspi's team will select.

The involvement of Sequoia Capital is particularly noteworthy. Sequoia has been one of the most active venture investors in AI infrastructure and enterprise applications over the past two years, making it a natural fit for Swish Ventures' focus areas. The partnership validates Casspi's thesis that early-stage companies in cybersecurity, physical AI, and industrial applications represent significant growth opportunities.

How Does Swish Ventures Select Companies to Invest In?

• Founder Quality: Casspi emphasizes selecting a small number of exceptional founders each year rather than spreading capital across many companies, allowing the firm to serve as a true partner throughout their journey.
• Sector Focus: The fund targets companies in cybersecurity, infrastructure, physical AI, defense, industrial AI, and government technology, avoiding oversaturated consumer AI markets.
• Stage Preference: The fund concentrates on seed and Series A stage companies, typically investing around $20 million per startup, which allows for meaningful ownership stakes while companies are still early in development.

"For us, the new fund is a direct continuation of our focused strategy. We want to be the most meaningful partners to the world's leading entrepreneurs," Casspi stated.

Omri Casspi, Founder and Managing Partner at Swish Ventures

Casspi's background as the first Israeli to play in the NBA gives him a unique perspective on building teams and identifying talent. His approach to venture capital mirrors his basketball career: focus on excellence, build strong partnerships, and commit to long-term success rather than chasing short-term wins. This philosophy appears to be resonating with institutional investors who are increasingly skeptical of venture firms that spread capital too thinly across too many bets.

The closing of Swish Ventures' third fund demonstrates that even in a competitive venture capital landscape dominated by mega-funds, there remains significant appetite for focused, sector-specific investment strategies backed by experienced operators. With $800 million in total funding across three funds and a portfolio valued at over $60 billion, Casspi has established Swish Ventures as a meaningful player in the AI and deep tech investment space.