New York-based VC 97212 Ventures has announced the closing of a $20 million fund for investment in Israeli startups in the pre-seed or seed stage.
Through the fund, the startups will also have access to experienced advisors, potential partners and even prospective clients in order to promote growth and facilitate entry into the US market.
The VC firm says its founder Eyal Bino was heavily involved in the creation of the well-developed New York hub of Israeli startups, which has among its ranks some 450 companies, including 30 unicorns (startups with a valuation of more than $1 billion).
The 97212 Ventures provides Israeli startups with capital to help establish themselves in New York, giving the company founders 18 months to relocate to the city. The fund has so far invested in 14 startups.
“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 Bino.
“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.”
