Jerusalem City Officials To Set Up Biotech VC Fund

May 1, 2018 | Jerusalem municipality officials are looking to set up a venture capital fund focused on Israeli life science startups, the business daily CTech by Calcalist reported. Officials hope the fund will raise up to $130 million, and will designate just $5-6 million from the city budget. According to a proposals request published by the Jerusalem Development Authority, the city’s economic development agency, officials hope the rest will come from private investors. The fund is looking to invest in startups that will develop medical devices, pharmaceutical tech, and other products in the life sciences area. The Jerusalem Development Authority will accept proposals until May 15. Market research firm Startup Genome’s annual report on the global trends in tech entrepreneurship published last month says Jerusalem is currently home to 150 biotech startups.