Generalist · VC Firm

TLV Partners

Tel Aviv seed and Series A lead investor (just over $1B AUM) whose single quantum bet, Quantum Machines, started with a $5.5M seed lead in 2018 and grew into one of Israel's quantum flagships. Not named in QM's 2025 Series C.

Active Tel Aviv, IsraelFounded 2015

Investment thesis

Tel Aviv early-stage generalist founded in 2015 by Rona Segev and Eitan Bek (both ex-Pitango), joined by Shahar Tzafrir as third managing partner in December 2017. Five core funds (Fund I $115M, 2015; Fund II $150M, 2018; Fund III $150M, 2020; Fund IV $220M, 2021; Fund V $250M, 2023) plus two Opportunity funds ($60M, 2020; $100M, 2021), for just over $1B under management.

Exclusively leads or co-leads Seed and Series A rounds, requires at least one Israeli founder, and reserves up to $15M per company for follow-ons.

Quantum is a single-asset conviction: TLV led Quantum Machines' $5.5M seed in November 2018, with Rona Segev taking the board seat, and followed on through the $17.5M Series A (2020) and the $50M Series B (2021).

No second quantum company added since, and TLV was not named in QM's February 2025 Series C press release; quantum control remains its only exposure to the field.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Single quantum asset since 2018: no second quantum investment in eight years, so a new quantum pitch fights the entire weight of the firm's AI and cyber dealflow
  2. Mandate requires at least one Israeli founder; non-Israeli quantum teams are out of scope by construction
  3. Not named in Quantum Machines' February 2025 Series C press release; later-stage quantum support appears to run through PSG, Intel Capital and Red Dot rather than TLV's reserves
  4. No partner carries a quantum or physics-first thesis: Segev covers devtools/AI/cyber, Bek fintech/proptech, Tzafrir applied AI and biotech, Sack cyber and cloud infrastructure
  5. Generalist fund sizing ($2-8M initial checks) fits quantum software better than capital-hungry hardware roadmaps

Notable quantum portfolio

Full portfolio
Quantum Machines

Frequent co-investors