According to a report by local publication The Jerusalem Post today (July 9th), Czech investment banking giant Benson Oak have pledged $100 million to fund Israeli blockchain startups. The fund, which will be channelled through their subsidiary, Benson Oak Ventures, will focus specifically on establishing blockchain ventures and alternatives within Israel.
Benson Oak Managing Partner Robert Cohen, said in a statement:
I believe that there are great entrepreneurs in Israel who are leading the platforms of the future, with creating and disruptive use of blockchain technologies. I moved to Israel six years ago, and with a passion to build companies, I have established Benson Oak Ventures as a new platform to provide financial and operational capital to the best entrepreneurs in Israel and around the world.
Reportedly, $25 million of the $100 million has already been raised. Benson Oak have established themselves over the last 15 years as a major investment firm, with over $5 billion raised, including the funding and support of AVG, the antivirus provider which was bought by Avast in 2016. The capital it generates comes from private investment in the main, with no partnerships with institutional investors. The bulk of the fundraising will focus on Israeli startups who are at the seed stage of their business development.
Image Credit: Deposit Photos