Expat Israeli billionaire Haim Saban has announced a new fund – Saban Ventures – to invest $100 million in Israeli startups.

According to a Globes report, the fund will invest primarily in mobile, social networks, ecommerce and digital media startups, with a side interest in cloud computing and fintech.

Saban, known for the Power Rangers franchise, is said to be worth $3.5 billion.

The 71-year-old business magnate has previously invested in Israeli companies like PlayBuzz, Elbit Systems, Everysight, and others. He also counts Partner Communications among his holdings.

Reports cite Barak Pridor, former CEO of the Tel Aviv-based Thomson Reuters tech subsidiary ClearForest, as the new manager of the fund.