The former CEO of the Innovation Authority and the former commander of 8200 established an emergency fund for startups.
The fund is intended for small investments of up to half a million dollars, which will allow startups to survive the coming period.
The fund plans to invest in up to 100 startups by the end of the year.
Preconditions:
1. Raised at least a quarter of a million dollars in the last two years.
2. The capital was raised from a government body, private investors, a technology incubator or funds that invest in the seed stage.
3. The investment is not suitable for technology companies that raised capital from an institutional body - that is, a fund that manages at least 50 million dollars.
4. Significant damage to activity due to the war.
5. An activity horizon of up to six months (starting from October 1, 2023).
6. Expenses of up to $100k dollars per month.
The investment review process:
1. The review will be done in batches, with the intention to run two batches each month.
2. The priorities will be determined according to the urgency of the matter.
3. Must submit: OnePager, investor presentation, expected profit and loss for the years 2023 and 2024, from before the war.
4. The fund will verify the information against the IVC database
5. At this stage, an interview will be arranged with the entrepreneurs
6. The final decision will be determined by the investment committee consisting of the managers of the fund.
Investment conditions:
1. The investment under SAFE conditions with a 20% discount on the next round.
2. The intention is that the investment will be converted into preferred shares later.
3. The issue of rights will be discussed with the fund later.
The fund states that it will discuss each request within two weeks of submission and the funds will be transferred within a week of the decision.
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