EU fund invests $20M in Israeli high tech
The European Investment Fund (EIF), the venture arm of the European Investment Bank, today announced a $20 million investment in Israel, into a fund being set up by Israel Cleantech Ventures. This investment, the European Union’s (EU) first in Israeli high tech, is part of the InnoFin program in the framework of the European Horizon 2020 R&D program.
The ICV fund began its activity in 2006, among other things with the support of Horizon 2020. ICV has invested over $150 million in 25 companies to date through the first two funds that it manages. The ICV funds are backed by leading investment institutions, multinationals, and firms in Europe, the US, and Israel. Its current investment will bring ICV’s total investment to over $200 million. Israel is a partner in the framework European program through a €1.1 billion investment by the Israel Innovation Authority by means of the Israel-Europe Directorate for Research & Innovation (ISERD).
Israel Cleantech Ventures (ICV), founded in 2006 by Jack Levy, Meir Ukeles and Glen Schwaber, is focused on investing in mainly Israeli, early stage innovation that addresses large global markets and finds tech solutions to increase the efficiency and sustainability of heavy industry, infrastructure and agriculture enterprises.