VantagePoint Venture Partners is not closing its Israel office, as reported earlier today by VentureBeat. Why? Because it never opened one.
VPVP spokeswoman Christine Hinton says that the firm had been evaluating an Israel office for the past two years, but that it never actually pulled the trigger. A review of VPVP’s cached website since 2003 supports her statement.
She adds that the evaluation process included a partnership with Israel-based Formula Ventures, and that Formula partner Nir Linchevski will continue on with VPVP — working on existing portfolio companies Magink and Bright Source Energy (f.k.a. Luz II) and potential new ones. He had been considered a VPVP managing director during the Israel evaluation process, but going forward will be a venture partner (i.e., not fulltime). David Ram, a VPVP associate who has worked closely with Linchevski, is expected to leave.