Venture capital firm iAngels, founded by Mor Assia and Shelly Hod Moyal, has recently completed raising $70 million for its second fund, named iAngels Ventures 2.
Fundraising began before the outbreak of the war and was recently finalized, with most of the money coming from investors abroad. The fund will invest in early-stage startups, with investments ranging between $2-4 million for Seed rounds.
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Shelly Hod Moyal (left) and Mor Assia, Co-CEOs and founding partners at iAngles.
(Efi Sameach)
The first fund established by Assia and Hod Moyal began investing in 2020 and includes portfolio companies such as Oddity, which went public last year on Wall Street at a valuation of $2 billion, and other startups such as Hello Heart, BeeHero, WSC, and Immunai.
In a presentation to investors, iAngels highlighted that since October 7th, their portfolio companies have continued to raise money, with seven companies securing $64 million from external investors between November and January. The first iAngels fund also began operating during a volatile period, coinciding with the outbreak of the Coronavirus pandemic.
According to Assia and Hod Moyal, the vintage of the new fund is expected to be one of Israel’s best, as these entrepreneurs have shown particularly high resilience and motivation in establishing and running startups amidst the war. “The time to invest in Israeli tech is now,” read the fund’s presentation, citing several reasons: many investors are facing a lack of liquidity due to high interest rates and the global slowdown, growth funds are no longer investing in early rounds, and foreign investors are adopting a wait-and-see approach, awaiting uncertainty levels in Israel to drop.
iAngels started a decade ago as a high-tech investment platform for qualified investors, namely those with high liquid capital, but over the years, it has transitioned into the format of a venture capital fund. Among the fund’s previous investments is also Arbe, which develops systems for autonomous vehicles and went public through a merger with a SPAC at a valuation of approximately $700 million during the peak of the bubble. Additionally, the fund holds shares in the fintech company eToro, founded by Ronen and Yoni Assia, with Yoni being Mor Assia’s partner.
