A new venture capital fund originating in China will invest US$100 million in Israel, according to Globes newspaper. The new fund is called MizMaa Ventures – a combination of the Hebrew words for east and west. The fund began operating a year ago, and has so far operated under the radar. All the money it raises is designated for investment in local startups.

MizMaa has obtained funding from three wealthy Chinese families, with most of the money coming from the Chen family, believed to be the 58th-wealthiest family in the world. In the next stage, MizMaa will try to raise US$150 million for another fund.

MizMaa’s Israeli portfolio includes cyber security companies Armeron and Coronet; Twiggle, a search engine for shopping websites, and Corephotonics, which deals in optics. The fund is expected to announce two more investments soon, one of them in fintech.