Iron Nation makes the first two investments of its $20m impact fund
The Israeli startups in the climate and medtech sectors will receive funding to help them sustain and grow during these challenging times
Iron Nation, a $20 million emergency fund for startups impacted by the war, has made its first two investments.
Founded nine weeks ago by prominent entrepreneurs Chen Linchevski, Gil Friedlander and Jason Wolf, it aims to ensure that the most promising Israeli startups continue their growth trajectory during and after the war.
The first ecosystem-wide fund in Israel, Iron Nation announced today that it has raised the first $8 million of its $20 million target, marking a crucial step forward in its goal of funding 30 promising startups.
Cimate tech company Greeneye and Nurami, a medical device startup, were selected for their growth trajectory and potential to thrive despite the challenging environment.
Iron Nation is backed by some of the world’s most well-known venture capitalists including Pitango’s Chemi Peres, SilverTech’s Charlie Federman, Viola’s Danny Cohen, IGP Fund’s Moshe Lichtman, MizMaa’s Aaron Applbaum and Elah’s Calanit Valfer, who all sit on Iron Nation’s investment committee.
“The closing of our first round of investments is no small feat given the short time since the ideation of the fund.” said Gil Friedlander, co-founder of Iron Nation.
“The overwhelming support and commitment of our generous donors, investors, and partners reflects their understanding that if we do not ensure the continuity of Israel’s most promising startups during these challenging times, we are sacrificing the leaders of tomorrow’s tech ecosystem. They are the most essential ingredient to our ecosystem’s future, and we are here to ensure they can sustain and grow during these difficult circumstances.”
The Israeli tech ecosystem is facing an unprecedented challenge – 25 per cent of tech workers have been called up into reserves – created significant challenges for early-stage startups.
Of the 680 that applied for Iron Nation funding, 95 per cent report that they will shut their doors within three to six months if new funds are not secured.
“It is heartbreaking to see founders who hit incredible growth in the first two quarters of 2023 and had term sheets for significant rounds, now struggling to have runway through 2024.” said Charlie Federman, a member of the Iron Nation Investment Committee and partner at SilverTech Ventures. “As a tech ecosystem and community, we cannot let them become another casualty in this war.”
Iron Nation is a wholly volunteer-driven organisation and carries no management fee. It is backed by leading companies including Meitar Law, Startup Nation Central, InNegev, and all funds are matched with nondilutive capital from the Israeli government’s Israel Innovation Authority.
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