$25m Grant Launched to help Israeli Startups Cope in the Crisis
The Israel Innovation Authority it establishing a NIS 100 million fund to help startups struggling to raise capital from investors during these difficult times
The Israeli Innovation Authority is launching a $25 million grant (NIS 100 million) to fund around 100 startups struggling to raise capital from investors during these difficult times.
The matching process will include contributions from private investors, which are expected to total more than NIS 200 million ($50 million). The grant is designed for Israeli companies who need additional funds to extend their runway.
In a conversation with Calcalist, Dror Bin, CEO of the Innovation Authority, said: ” The survey we did with Start-Up Nation Policy Institute (SNPI) revealed several challenges that many companies currently face, including that many of them have only a few months of runway.
“They are struggling to complete funding rounds, either due to the fact that investors aren’t interested or because the entrepreneurs are serving in the reserves and are occupied at home. Other problems include difficulties with recruiting employees, employees working from home, and an inability to send people abroad to meet with clients. We have established this emergency funding channel, and it may not end there. I am confident that these companies have the potential to secure additional capital because many organizations are looking to invest at this stage. These companies are solid and can quickly raise smaller amounts of capital. It worked well during the COVID-19 pandemic.”
He added: “We need to invest significantly in Israeli high-tech, both from the government and the private sector. There will be a rebound after the war, enabling us to further strengthen the high-tech sector. This is our working assumption and plan for the future.”
Application for this program will open in November 2023.
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