- Israeli Tech Fund 97212 Ventures closes $20 million fund to support Israeli tech founders
- Fund provides access to New York resources, senior advisors, and early customers for Israeli startups
- Founder Eyal Bino, previously involved in establishing NYC as a hub for Israeli tech
- Fund focuses on B2B enterprise technologies, digital health, fintech, prop tech, and logistics
- Fund has already invested in 14 startups, including Remepy, Beti, and Ritual
Israeli Tech Fund: 97212 Ventures Closes $20 Million Fund
Israel has long been known as a hotbed for technological innovation, producing a plethora of successful startups and unicorns. In a bid to further support the growth of Israeli tech founders, 97212 Ventures, a prominent next-generation VC based in New York, recently announced the closure of a $20 million fund. This fund is specifically earmarked for investing in new Israeli pre-seed and seed startups, offering them immediate access to a range of valuable resources in New York that can help propel their businesses to new heights.
Empowering Israeli Founders with NYC Resources
One of the key objectives of the Israeli Tech Fund established by 97212 Ventures is to provide Israeli founders with the necessary support to expand their businesses in the competitive tech landscape. By offering access to senior advisors, early customers, and channel partners in New York, the fund aims to facilitate the journey of Israeli startups towards achieving US product-market fit and early growth. This initiative not only benefits individual startups but also contributes to strengthening the overall Israeli tech ecosystem.
Eyal Bino, the founder of 97212 Ventures, has been instrumental in fostering a thriving hub for Israeli tech in New York. With his background in co-founding ICONYC labs, a successful go-to-market accelerator focused on pre-seed Israeli startups, Bino brings a wealth of experience to the table. The success stories of ICONYC, which include notable startups like Connecteam, Dataloop, and Copyleaks, attest to Bino’s expertise in guiding Israeli founders through the complexities of the US market.
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Focus Areas and Investment Strategy
97212 Ventures is not just a run-of-the-mill VC firm; it has a clear focus on specific sectors where it believes Israeli startups can make a significant impact. The firm invests in B2B enterprise technologies, digital health and wellness, as well as industries where digital transformation technologies play a crucial role, such as fintech, prop tech, and logistics. By honing in on these sectors, 97212 Ventures aims to support startups that have the potential to revolutionize their respective industries with innovative solutions.
The fund’s requirement for founders to relocate to New York within 18 months of receiving investment underscores the commitment of 97212 Ventures to nurturing Israeli talent and integrating it into the vibrant ecosystem of the city. This move not only provides startups with proximity to valuable resources but also fosters a sense of community among Israeli founders, creating opportunities for collaboration and knowledge sharing.
Success Stories and Notable Investments
Since its inception, 97212 Ventures has already made significant strides in the Israeli tech scene by investing in 14 promising startups. Among these investments, a few standout companies have already begun to make waves in their respective industries. Remepy, a pioneering hybrid drug company co-founded by Michal Tsur and Or Shoval, has garnered attention for its innovative approach to drug development. With the guidance of key advisor Naftali Bennett, a former Prime Minister known for his tech acumen, Remepy is poised for success in the competitive pharmaceutical landscape.
Another notable investment by 97212 Ventures is Beti, a cloud-based platform designed to streamline operations for construction companies. By offering efficient supervision and coordination tools, Beti addresses key pain points in the construction industry, paving the way for increased productivity and safety on job sites. Additionally, Ritual, a company that provides digital tools for personalized therapy sessions, has caught the eye of investors for its innovative approach to mental health and wellness.
The Israeli Tech Fund established by 97212 Ventures represents a significant milestone in the journey of Israeli tech founders looking to scale their businesses globally. With a robust investment strategy, a focus on key sectors, and a network of experienced advisors and partners, 97212 Ventures is well-positioned to support the next generation of Israeli unicorns. As Eyal Bino aptly puts it, this fund serves as a complete plug-in for Israeli entrepreneurs, offering them not just capital but also the guidance and resources needed to thrive in the competitive tech landscape.
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