Iron Nation launches $60m second fund as it expands into US
Post-October 7 initiative backs 24 startups and delivers Nvidia exit as new Indiana partnership opens transatlantic pathway for Israeli tech
Venture capital fund Iron Nation, which was created in the aftermath of the October 7 attacks to support Israel’s struggling startup ecosystem, is entering a new phase of global expansion, with the launch of its second $60 million fund and a US partnership.
The initiative, “Iron Nation II” – in partnership with the State of Indiana in the US, led by Indiana Governor Mike Braun – is designed to help Israeli tech companies scale internationally via a US launch pad in Indiana by connecting them with major American corporations, healthcare systems and research institutions.
Iron Nation II follows a rapid rise as one of Israel’s most active venture capital firms in 2024.
Its first $20.4 million fund, launched within weeks of the 2023 Hamas attacks, backed 24 startups and has already produced a notable exit, with Illumex acquired by Nvidia in March 2026.
Founded by leading venture capitalists Chen Linchevski and Gil Friedlander & Jason Wolf, Iron Nation I aimed raised $20 million to support post-seed startups, offering investments of between $500,000 and $1.5 million without charging management fees or carried interest.
Over 1000 companies applied in its early stages, as the initiative became one of the most active investment platforms supporting Israeli startups during the war.
Iron Nation II now builds on that momentum, shifting from crisis intervention to long-term global growth – a strong vote of confidence in Israel’s innovation ecosystem at a time of ongoing conflict, highlighting the resilience of Israeli startups and their continued success on the global stage.
Gil Friedlander said: “With Iron Nation–Indiana, we are building more than an investment platform. We are building a bridge that connects exceptional Israeli entrepreneurs with Indiana’s outstanding business, healthcare and research ecosystem, as well as the local Jewish community.”
Backed by more than $30 million from Iron Nation and its partners, alongside $15 million from the State of Indiana, the programme will support Israeli startups in establishing US operations and forming commercial partnerships.
Dror Bin-CEO of Israel’s Innovation Authority said the collaboration reflects a natural alignment between Israel’s innovation strengths and US industrial scale.
“Israel excels at building cutting-edge technologies, and Indiana offers an ideal launch pad to scale them,” he said. “Together, this partnership creates mutual value by accelerating innovation, strengthening industries, and driving economic growth on both sides.”
Indiana Governor Mike Braun said: “Iron Nation–Indiana reflects the kind of partnership we want to pursue – one that combines public leadership, private capital, and real commercial opportunity to bring more investment, more innovation, and more long-term value.”
Indiana Secretary of Commerce David J. Adams added: “Iron Nation–Indiana gives our state a practical way to engage promising companies earlier, build strategic partnerships, and translate innovation into long-term economic growth.”
Former Congressman Luke Messer will serve as the Indiana partner for the initiative.
For Israel’s tech ecosystem, the launch of Iron Nation II marks a turning point, from wartime resilience to proactive global expansion, transforming an emergency support initiative into a platform for long-term international growth.
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