Blockchain startups in Israel are the main focus of a new venture fund from Benson Oak, local media reports.
Investment banking firm Benson Oak revealed it would pump “around $100 mln” into Israel-based startups with an “emphasis” on blockchain, local Israeli news outlet the Jerusalem Post reported today, July 9.
The Czech-headquartered giant’s subsidiary Benson Oak Ventures will focus specifically on the Israeli market.
Having already raised $25 mln, a further $75 mln is expected, with the company expressing its belief in the potential of both Israel as a jurisdiction and local business projects.
“I believe that there are great entrepreneurs in Israel who are leading the platforms of the future, with creating [sic] and disruptive use of blockchain technologies,” Benson Oak managing partner Robert Cohen told the Jerusalem Post, adding:
“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.”
While just the latest step in the firm’s Israeli activity, blockchain forms a new direction, with details of potential participants in the fund still to be released.
Benson has raised over $5 bln since 2003, with its first fund including support for internet security company AVG.
Blockchain technology meanwhile continues to become ever more popular in the country this year. As Cointelegraph reported in March, Israel’s government has adopted a hands-on stance towards blockchain-based innovation in government services and beyond.