A venture capital firm with $2.5 billion has poached a Facebook exec to invest in Israeli startups

Accel Partners, a venture capital firm that has invested in Spotify, BlaBlaCar and DropBox, has hired a Facebook executive to find the most promising technology companies in Israel.

Nir Blumberger, a corporate development executive at Facebook, will be leading investments in consumer and enterprise startups in the region on behalf of Accel, which has $2.5 billion (£1.7 billion) under management.

Blumberger, who was born and raised in Israel, will be working with Accel’s London team, which raised a $500 million (£344 million) fund in April.

Philippe Botteri, partner at Accel, said in a statement: “Israel is a vibrant hub for innovation, and Accel has long-held conviction in the great ideas and entrepreneurs that have emerged from the region. We are seeing exciting companies and technologies come out of Israel at an increasing pace, making it the perfect time for us to expand our presence. We are thrilled to have Nir join our team from Facebook. His world-class technology and business background from Israel and Silicon Valley make him a perfect fit for Accel.”

Read full report in the Business Insider Australia