OurCrowd picks the first 8 recipients of its $50m resilience fund
The global investor is deploying capital into startups that are being impacted by the ongoing war
Leading global investment platform OurCrowd has closed the first round of its $50m Resilience Fund, having secured more than $13 m to invest in the first eight startups.
The Israel Resilience Fund was established to support over 50 Israeli companies that are either being impacted by the war or developing solutions related to the security situation including environmental impact, emergency medicine, food security, cybersecurity, media monitoring, reconstruction, and other areas.
Launched last month, it has become one of the fastest-closing venture capital funds ever to go from conception to closure in just 40 days.
Eight startups have been selected to receive investments – half of them are not currently part of the OurCrows portfolio. Those chosen include Edgybees, whose satellite and motion imagery is being used by defence groups to deliver actionable insights to help save lives; BlueTree, the developer of sugar reduction platform for industrial applications in the drinks industry – it was recently evacuated from its facility in Kiryat Shmona, near the Lebanon border; Carrar, the experts in EV battery thermal management systems. The company was forced to relocate from its headquarters in Sderot near Gaza; and Verobotics, which uses an autonomous robot for building exterior upkeep and proactive maintenance. Its key staff are serving in the reserves.
Shay Har-Noy, CEO of EdgyBees, said “We’re thrilled to get this investment, especially as our technology has been so crucial for the Israeli Defence Forces’ operation. With many of our employees serving in the military reserves, this additional funding is a vote of confidence in our technology, team and efforts to support the war effort.”
The OurCrowd Resilience Fund is managed by the company’s operating partner and high-tech veteran Jeff Kupietzky, who recently sold his company Jeeng to OpenWeb for $100 million. Kupietzky is accompanied by Noam Kaiser, a former Partner at Intel Capital and investor at Gemini Israel Ventures and Offer Hi Tech; and Liat Sverdlov, a Senior Investment Partner at OurCrowd Investments.
Kupietzky said: “After pushing off financing rounds due to global venture market conditions, many companies developing unique technologies with strong product-market fit and positive business momentum, now find they have diminishing runways and need additional financing, but they face a challenging fundraising environment. Startups do not know when international investors will resume investing in Israeli startups as they wait for the conflict to subside. Additionally, companies face operational challenges with key personnel called up to the military reserves, while evacuations and rocket fire pose a challenge to daily business operations. Companies resiliently continue, yet many need financing to extend runways through the crisis and power their ultimate success.”
Among those on the fund’s advisory board are Izhar Shay, Israel’s former Minister of Science and Technology, whose son Yaron was killed in battle on 7 October. Shay has launched Next October, a project to create 1,200 news startups – each one in memory of someone who died in the Hamas massacre. He said: “The Israel Resilience Fund is exactly the response we need to create opportunity and growth and defeat those who only wish to destroy.”
Jon Medved, OurCrowd founder and CEO, 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.”
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