(Bloomberg) --

Venture capital firm 83North Ltd. has raised its latest fund of $400 million, giving the investor additional capital to back startups at a time when the broader market is in a slowdown. 

The group, with offices in Tel Aviv and London, now has more than $2.2 billion in capital under management, according to an announcement on 83North’s website. Fresh funds will be used to invest across Europe, Israel and the US, with the money coming from the firm’s existing limited partners. 

83North has invested in nearly 90 companies, including 14 that are valued above $1 billion such as software company Celonis. Formerly affiliated with Silicon Valley-based Greylock Partners while operating independently, the group rebranded as 83North in 2015. 

Last year, the VC firm raised $550 million of funds. The latest money comes amid a drop in startup deal-making due to economic uncertainty and the plunging value of public technology stocks. 

“We’ve always believed that innovation and technology, if led by unique individuals, can make this world a better place, especially in crazy and unstable times like the ones we are seeing now,” the firm’s partners wrote on their website.  

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