New York-based 97212 Ventures is a $20 million fund focused on pre-seed and seed investing in Israeli startups, helping them enter the U.S. market by providing access to New York resources. Founded by Eyal Bino, the fund has invested in 15 Israeli startups so far, including Remepy, Beti, and Ritual. Bino’s philosophy is to be deeply involved with the startups they invest in, providing fast support and leveraging his extensive network of entrepreneurs connecting Tel Aviv and New York to facilitate the transition of Israeli startups to the U.S. market.
The New York City tech scene has become a hub for Israeli startups over the last decade, with 450 currently based there. Bino, who previously co-founded ICONYC labs, has played a key role in creating this hub. Current investors in 97212 Ventures include Modi Rosen, Owen Davis, Paul Martino, Ran Reske, and Edith Simchi-Levi. The fund typically invests between $200,000 to $500,000 as a first check, with additional amounts saved for follow-on investments, for a total investment of about $1 million, in addition to funds provided by the fund’s LPs. 97212 Ventures primarily invests in enterprise software, digital health, and industries impacted by digitalization, but ultimately prioritizes investing in interesting founders.
Bino believes that a new cycle of investing in Israeli startups is beginning, with investors becoming more bullish due to the resiliency of Israeli founders and decreasing valuations. Recent acquisitions of Israeli startups include Blackstone acquiring Priority Software for $800 million, Akamai Technologies acquiring Noname Security for $450 million, and Alcon Pharmaceuticals acquiring Belkin Vision for up to $330 million. Nvidia also spent $1 billion acquiring two Israeli startups in one week in April. Bino is impressed by the agility of Israeli founders and believes the brand they have developed over the last decade is amazing, giving him a front-row seat in the ecosystem.
The fund’s strategy is to provide a bridge for Israeli startups to the U.S. market, utilizing New York resources to fast track their growth and success. Bino’s hands-on approach and deep involvement with the startups they invest in is crucial in supporting them at the early stages. Partnerships with key senior advisors and early customers provide Israeli startups with the necessary tools and guidance for their entry into the U.S. market. Bino’s experience and network of entrepreneurs connecting Tel Aviv and New York are instrumental in helping Israeli startups navigate the complexities of entering the U.S. market.
Israeli startups are known for their agility and resilience, qualities that have attracted investors to increase their investments in the Israeli tech ecosystem. Bino’s vision for 97212 Ventures is to continue supporting Israeli founders and providing them with the resources and connections needed to scale their businesses in the U.S. market. The recent wave of acquisitions of Israeli startups by major companies signifies the growing interest in Israeli innovation and the potential for significant returns on investment. With Bino’s expertise and the support of their investors, 97212 Ventures is poised to play a significant role in the continued success of Israeli startups in the global market.
