Former Defense Chief Moshe Ya’alon To Head New Israeli VC Fund In UAE

Former defense minister and IDF chief of staff Moshe “Bogie” Ya’alon will head a new Israeli-owned venture capital fund to be established in the United Arab Emirates.

The fund, called Synaptech, will invest in about 20 young startups “to bring the spirit of the Israeli Startup Nation to the Emirates and realize the business potential of the defense industry,” Avnon Group said in an announcement on Wednesday.

Synaptech was founded by the Avnon Group and its strategic partners from the Gulf region. Founded by Tomer Avnon in 1990, the Avnon Group is a provider of cybersecurity and defense solutions for governments, Homeland Security (HLS) agencies, law enforcement, and special units in the defense and safety sectors. It operates in over 60 countries.

The fund has an investment strategy that focuses on early-stage startups that provide innovative solutions and technologies in fields like smart cities, public safety, cybersecurity, fintech, and insurtech.

“The Abraham Accords have opened the door to Israel and the United Arab Emirates for strategic cooperation that will affect the two countries for many years to come. As part of the collaboration, we will create at Synaptech, we will bring the spirit of the Startup Nation and the most advanced technologies we have to offer to the Gulf countries,” Ya’alon said, “

Avnon Group will establish an Innovation Center in the UAE, with a local office in Abu Dhabi and close collaborations with local security agencies on various HLS projects.

“At the UAE Innovation Center, we will enable Israeli technology companies to recruit strategic investors and develop their products according to market demands, in collaboration with future customers in the Gulf region. We believe that Synaptech will soon become a symbol of peace and economic cooperation between Israel and the United Arab Emirates,” Ya’alon said.

Moshe Ya’alon has a long career in the IDF and the long government. He served as Deputy Prime Minister, Minister of Defence, Member of the Political-Security Cabinet and Minister of Strategic Affairs. Ya’alon served as the IDF’s 17th Chief of Staff Maj.

In February, Ya’alon announced he would not seek a seat in the next Knesset and that his Telem Party would not run in the March 23rd election after it was obvious that his party would not clear Israel’s election threshold. Ya’alon’s Telem party split from Yesh Atid, the party headed by Israel’s current foreign minister Yair Lapid, before the solo run.

“Lt. Gen. Benny Gantz (left) meets with then-Minister of Defense Moshe Ya’alon (center) in 2014” by Israel Defense Forces is licensed under CC BY-NC 2.0