New fund aims to make Philadelphia the next Israeli startup hotspot
A new venture fund has been launched to help seed-stage Israeli startups make the jump, and eventually scale up, into the much larger U.S. market. The fund, known as INE Ventures and first reported by the WSJ's VentureWire, will co-invest with Israeli accelerators and angels investors into seed-stage companies and then relocate them to New York and Philadelphia for a one-year funding period to develop their marketing and business. The end goal is to penetrate the American consumer market.
Israel suffers from a unique problem. The country of 7 million people has more than 3,000 active startups, the world's second highest density of early-stage companies after Silicon Valley, according to Philadelphia-based INE Ventures. While venture funds and programs designed to support Israeli startups already exist, INE Ventures says the trickle of capital doesn't come close to saturating the marketplace.
Thumbnail photo: INE Ventures logo
— By Kirsten Korosec on November 27, 2013, 9:09 AM PST