A group of Israeli entrepreneurs this week announced the establishment of Safe Dome, an emergency fund to help emerging startups survive the tumultuous period of war.
Israel declared war October 7 after more than 1,500 Hamas gunmen infiltrated Israel from the Gaza Strip, indiscriminately attacking civilian communities in a violent rampage that killed over 1,300 people, and wounded thousands.
The Israeli financial news outlet Calcalist reported that Safe Dome wants to invest up to $500,000 in 100 startups by the end of 2023.
Most of Safe Dome’s investors are from Israel and the United States.
The fund was established by former Director General of the Innovation, Science and Technology Ministry Hilla Haddad Chmelnik, former commander of the IDF’s 8200 unit Ehud Schneorson, and Battery Ventures adviser Itzik Parnafes.
The initiative is in collaboration with KPMG, Yoram Ravad’s attorney’s office, and the Moveo group.
Parnafes said the initiative can be profitable in the long run for the investors of Safe Dome.
“Investors are essentially buying a sort of exchange-traded fund of all the young companies in the Israeli high-tech sector, an investment area that has yielded a nice return in recent years,” he was quoted as saying.
To be considered by Safe Dome, startups must prove they raised at least $250,000 in the past two years and that their activity was significantly damaged by the war.
Eligible startups can apply for aid through a short application process. The funds will be transferred to the companies “within weeks” after the request is submitted.