Israel’s Chief Scientist Aims To Establish Governmental VC Fund

Israel’s Chief Scientist, Avi Hasson, announced that he is holding extensive talks with the Ministry of Finance to establish a governmental VC fund that will invest in early-stage startups. According to Hasson, his request from the Ministry of Finance is an annual budget of 100 million Shekels (approximately $26.4 million) for the investment in startups having difficulties to raise initial VC. He added that these companies are expected to enjoy long-term investments and will receive the Chief Scientist’s approval prior to the funding.