On the 13th of September in Tel-Aviv the first ever equity investment in Israel implemented by the European Investment Fund (INSME Member) was announced. The funding will amount to a USD 20 million anchor Limited Partner investment in ICV III, an early stage venture capital fund focused on technologies driving sustainability and resource efficiency. The fund benefits from the InnovFin Equity Facility for Early Stage with the financial backing of Horizon 2020, the EU Framework Programme for Research and Innovation (2014-2020) in which Israel has been a partner for over 20 years.
Investments will be directed towards Israeli seed and early stage companies developing software, hardware and infrastructure innovation that enhance resource efficiency and sustainability. Companies will have to promote new technologies and business models able to modernise established industries, particularly those that had hard times in adapting to new technologies.
Carlos Moedas, EU Commissioner for Research, Science and Innovation commenting on the initiative said: “This deal will open up new ways of funding for research and innovation and support technology uptake in Israel. It is yet another example of how open innovation and being open to the world under Horizon 2020 benefits both the EU and its partners.”
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Source: The European Investment Fund - EIF
