The VC is a first-time fund providing capital for Israeli startups to establish a presence in New York City with a requirement that founders must move there within 18 months.
97212 Ventures, a New York-based next-generation VC and day-one partner for Israeli founders, today announced the closing of a $20 million fund aimed at investing in new Israeli pre-Seed and Seed startups. The fund will provide them access to a network of New York-based resources to grow their businesses. This includes senior advisors, early customers, and channel partners, helping pave the way to general U.S. product-market fit and early growth.
“Israel has unique tech talent and this moment, when securing venture capital funding is particularly tough for early-stage startups in Israel, offers unique opportunities for us to access top innovations that have the potential to become unicorns,” said Eyal Bino, Founding Partner. “This new fund serves as a complete plug-in for Israeli entrepreneurs looking to build global startups by giving them capital, guidance, and instant access to the entire NYC tech ecosystem including senior advisors, design partners, potential partners, and customer introductions.”
New York has established itself as somewhat of a hub for Israeli tech companies, with more than 450 companies headquartered in the city and 30 Israeli unicorn companies based there.
97212 Ventures is a first-time fund providing capital for Israeli startups to establish a presence in New York City with a requirement that founders must move there within 18 months. It invests in B2B enterprise technologies, digital health, and wellness, as well as sectors where digital transformation tech is critical – such as fintech, prop-tech, and logistics. 97212 Ventures has already invested in 14 startups including Remepy, Beti, and Ritual, among others.
It is backed by a group of investors, founders, and operators including Co-founder and Managing Partner of Magma Ventures Modi Rosen, Managing Partner at Contour Ventures Owen Davis, Managing Partner at Bullpen Capital Paul Martino, and Founder and CEO of Resident, Ran Reske.
