Venture Capitalists launch ‘Iron Nation’ emergency fund for Israeli startups
The aim is to raise $20 million to support startups in Israel, where an estimated 15-20 per cent of the tech workforce has been called up to the military reserve
Venture Capitalists from around the world have announced the launch of ‘Iron Nation’ , an emergency impact fund for Israeli startups struggling amid the war with Hamas.
According to Ctech, the fund plans to to raise $20 million to support post-Seed VC-backed startups that have been affected by the conflict with no intention to collect management fees or carried interest.
Established by Chen Linchevski and Gil Friedlander, it is backed by a team of leading volunteers from the venture community including Chemi Peres of Pitango Ventures, Charlie Federman of SilverTech Ventures, Danny Cohen of Viola Ventures, Moshe Lichtman of IGP Capital, Aaron Applbaum of MizMaa, and Calanit Valfer of the Elah Fund who joined the investment committee pro-bono.
Around 15-20 per cent of the tech workforce have been called up to reserve duty, causing early-stage start-ups in Israel to face unprecedented challenges. Iron Nation’s mission is to ensure that highly promising Israeli tech startups with established venture backing, a critical part of the tech ecosystem, can continue to grow during and after this crisis.
Approximately 150 companies are said to have applied already via Iron Nation’s website for the chance to receive $500,000-$1.5 million to help ensure they remain fundable in the second half of 2024.
Applications will be vetted within two weeks by the investment committee, and if approved, a dedicated investment-matching program with the Israel Innovation Authority will increase the funding, as well as the startups’ existing investors.
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