Volunteers, Investors Raising $20M For Israeli Startups Hit By War

Volunteers from Israel’s high-tech sector are raising $20 million to support the early-stage startups and entrepreneurs impacted by war that began with the October 7 terror attacks by Hamas. 

The mission of Iron Nation, the new emergency impact fund, is to ensure that these startups can continue to grow during and after the war. 

According to the fund, the war and the subsequent callup of 15-20 percent of the country’s tech workforce to army reserves has raised unprecedented challenges for early-stage startups in Israel, with many losing their ability to receive funding. 

The fund, which is also backed by venture capitalists from abroad, is inviting individuals, donors and organizations to contribute to its cause too. 

Iron Nation is supported by numerous volunteer venture capitalists, including Chemi Peres of Pitango Ventures, Charlie Federman of SilverTech Ventures, and Danny Cohen of Viola Ventures.

“Young startups that were primed for an exciting journey are facing unprecedented challenges. Young men and women have been forced to set aside their dreams as an act of duty to their country,” said Peres, who is the son of former president Shimon Peres and chairman of the Peres Center for Peace and Innovation.

“The investor community refuses to allow them to be another casualty of this war,” Peres said. 

“The widespread support speaks not only to the resilience of the tech ecosystem but to the belief that we can save a critical segment of the Israeli tech economy while creating a sustainable double-bottom line for investors.”