Israel-based OurCrowd has announced the creation of an Israel Resilience Fund following the war with Hamas after the terrorist group invaded Israel in October.
OurCrowd is one of the largest investment crowdfunding platforms in the world. While providing access to the Israeli tech scene, OurCrowd is global in both accepting investors as well as funding private firms regardless of their geographic locations. OurCrowd caters to smaller (accredited) investors with minimum investments typically smaller than many VC funds.
According to an email distributed this past weekend, OurCrowd’s Israel Resilience Fund will focus on Israel-based OurCrowd portfolio companies both with new and follow-up funding rounds that have been impacted by the war with Hamas. OurCrowd added that companies that are providing tech that helps to support the ongoing crisis will be part of this new fund.
“Israel’s economic stability depends on the strength of its startup ecosystem. Israel’s tech sector employs more than 14% of all workers in Israel, produces over 18% of Israel’s GDP and contributes about 50% of Israel’s exports.
Israeli startups are impacted by the war triggered by Hamas’ murderous attacks, but most are resilient and continuing operations. However, Israel’s economy both now and in the future will suffer greatly if it loses a significant number of early-stage companies, which are particularly susceptible following a challenging period in the market and a global downturn in venture funding.”
With no near-term resolution to the conflict, it is difficult to estimate the overall impact on the Israeli economy and its startup ecosystem – which is widely recognized as one of the most vibrant entrepreneurial regions in the world.
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