Israeli digital investment platform OurCrowd today announced the first close of its $50 million Israel Resilience Fund with more than $13 million in capital commitments. The Fund has approved its first eight investments.
OurCrowd will waive all management fees and carried interest as a contribution to Israel’s current wartime emergency. The fund, which was first announced just 40 days ago, becomes one of the fastest-closing venture funds ever to go from conception to closure and eight investments, according to OurCrowd.
The Israel Resilience Fund aims to focus on just over 50 startups directly affected by the crisis, or developing critical solutions related to the security situation, including environmental impact, emergency medicine, food security, cybersecurity, media monitoring, reconstruction and other verticals. The fund has an advisory board of global tech and investment leaders.
The eight startups chosen for investment from the many applications include BlueTree, which has developed proprietary technology to reduce sugar in natural beverages. The company was recently evacuated from its facility in Kiryat Shmona near the Lebanon border.
Other companies include: Carrar, experts in EV battery thermal management systems, which was forced to relocate from Sderot near Gaza; Edgybees, which utilizes satellite and motion imagery to deliver actionable insights currently in use to save lives; and Verobotics, which utilizes an autonomous robot for building exterior upkeep and proactive maintenance, whose key staff are serving in the reserves.
OurCrowd founder and CEO Jon Medved said, “Many venture-backed companies in Israel are already struggling due to the global venture slowdown and now face even more serious obstacles due to the war in Gaza, requiring immediate, focused investment. The Israel Resilience Fund will seek to create outsized returns for investors by taking advantage of discounted valuations in the current market, while supporting numerous Israeli companies to survive the crisis and flourish in the long run. As Israel’s most active VC, with hundreds of direct portfolio companies, OurCrowd is uniquely positioned to deploy capital immediately into a large pool of companies.”
Published by Globes, Israel business news – en.globes.co.il – on December 20, 2023.
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