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‘A Soldier for Israel’s Economy’: New Fund Seeks to Deploy Millions of Dollars to Israeli Startups Amid Gaza War

Israeli national flags flutter near office towers at a business park also housing high tech companies, at Ofer Park in Petah Tikva, Israel, Aug. 27, 2020. Photo: REUTERS/Ronen Zvulun

When Hamas terrorists raided southern Israel on Oct. 7, brutally murdering more than 1,200 people, mainly civilians, and kidnapping 240 others, the immediate fear in the tech world was how the country would bounce back.

Ezra Gardner — the CIO and co-founder of Varana Capital, an Israeli-focused venture capital fund — woke up that day “with every emotion from horror to sadness to anger” but ultimately realized he had to do something about it.

“I have been training 25 years to be a soldier for the Israeli economy,” the dual Israeli-American citizen told The Algemeiner.

Gardner — who is based in Denver, Colorado and in normal times travels to Israel every six weeks — got to work and established the Chai 10X Fund, a “no management fee, no performance fee, no research or invest expense” pro-bono fund aimed at propping up ready-to-scale Israeli startups impacted by the war with Hamas launched on Oct. 7.

Under this arrangement, Gardner and his firm will cover the expenses typically billed to investors, while donating his time for Israel.

He explained that Israel’s economy is more dependent on foreign direct investment than any country of the Organization for Economic Cooperation and Development (OECD), and that according to government statistics, the hi-tech sector in Israel is the largest tax contributor.

Gardner said this was an “existential moment” for the Jewish state, for which his grandparents fought in Israel’s 1948 War of Independence.

The 180 million NIS (about $50 million) fund has a “dual mandate as my mission as a soldier for the Israeli economy,” Gardner explained.

First is the raising and allocation of the money to the companies that need it most. The Chai 10X Fund will focus within the same sector that his day-to-day fund, Varana Capital, has operated for the past 13 years — Israeli companies that have already raised money, conducted research and development, and either have revenues or are about to scale them up.

Their focus is on the hardware space, with products in fields such as computers, electric vehicles, and agriculture that are “demonstrably better than what currently exists, can be built, and is heavily patented.”

Gardner said that allocating the capital will “not at all” be a problem, and that there is a huge need for the funding Chai 10X is getting ready to deploy.

The second mandate for the fund, according to Gardner and what is taking up a large portion of his current trip to Israel, is “to be a conduit to the government to help the technology ecosystem get everything it needs.”

Throughout this process, Gardner has been meeting with top members of Israel’s Parliament, known as the Knesset, and the CEOs of Israel’s largest banks to break down and hopefully solve the problems facing the country’s economy during wartime.

“I did a thought experiment and thought: What if the war ended tomorrow, and in the best way? When would the guys in Silicon Valley hop on a plane and come back to Tel Aviv?” he said.

In Gardner’s estimation, even the best situation for fiscal year 2024 won’t have a great economic outlook.

The goal then, Gardner explained, is to work through and find ways to compensate the losses in foreign capital with domestic capital, which he said the Israel Innovation Authority is helping with, as well as funds like his own.

People outside of Israel “should know how resilient these entrepreneurs are,” Gardner said, adding that “Israeli innovation delivers no matter what.”

“We are strong and resilient,” he said. “There is no silver bullet, but together we can make it work.”

The post ‘A Soldier for Israel’s Economy’: New Fund Seeks to Deploy Millions of Dollars to Israeli Startups Amid Gaza War first appeared on Algemeiner.com.

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‘We Are Being Held Hostage’: Lebanese TV Host Says Hezbollah Taking Lebanon Toward War, ‘Certain Death’

Lebanon’s Hezbollah leader Sayyed Hassan Nasrallah addresses his supporters through a screen during a rally commemorating the annual Hezbollah Martyrs’ Day, in Beirut’s southern suburbs. Photo: Reuters/Aziz Taher

A Lebanese TV host said last week that Hezbollah has essentially taken Lebanon hostage, comparing what the Iran-backed terrorist organization has done to the country to the hijackers who carried out the 9/11 attacks in the US.

Dima Sadek, who hosts a show in Lebanon on MTV, expressed her fear and outrage over what Hezbollah is doing to Lebanon and the path of near-certain war it is taking, according to a report and translation from the Middle East Media Research Institute (MEMRI).

Hezbollah, which wields significant political influence across Lebanon, boasts significant military capabilities much greater than those of other terrorist organizations in the region such as Hamas. The Lebanese Islamist group has long declared it seeks to destroy Israel.

“We are in danger of a hellish, existential war,” Sadek said on June 24 regarding the threats Hezbollah has made to countries such as Cyprus, which is in the European Union. “We are being held hostage. We have been hijacked by a group that has no clue of what is going on in this planet.”

She pointed out that “[Russian President Vladimir] Putin, who was the only one who managed to save your axis in the Syrian war, cannot overcome Europe, so how come you are threatening Europe with such confidence?”

Regarding the fear and helplessness she and some other Lebanese feel over the direction Hezbollah is taking, she asked, “Do you know who we resemble? The passengers on the 9/11 airplanes. We are like airplane passengers who do not see what is happening around them. We are being led by one person, and we have no idea where we are heading.”

She added, “The only thing that we know for sure is that this person is taking us to a catastrophe and certain death.”

#ICYMI: Lebanese TV Host Dima Sadek: There Is Nothing Left of This Country Besides Hizbullah and Its Weapons; They Are Holding Us Hostage; We Are Like the Passengers on a Hijacked Plane on 9/11 Heading Towards Certain Death #Lebanon #Hizbullah @DimaSadek pic.twitter.com/v7WDtIQqEV

— MEMRI (@MEMRIReports) June 30, 2024

Hezbollah terrorists have been firing drones, rockets, and missiles at northern Israel daily from southern Lebanon since Hamas’ Oct. 7 massacre, leading Israeli forces to strike back. Tensions have been escalating between both sides, fueling concerns that the conflict in Gaza — the Palestinian enclave ruled by Hamas to Israel’s south — could escalate into a regional conflict.

More than 80,000 Israelis have evacuated Israel’s north and been unable to return to their homes. The majority of those spent the past nine months residing in hotels in safer areas of the country.

Meanwhile, Hezbollah has also stepped up its threats against the rest of the world, including Cyprus.

Last month, Hezbollah leader Hassan Nasrallah made a speech in which he said an “all-out war” with Israel was “getting very close.” He added that if Cyprus, a European Union member, were to help Israel in some way during that war, then “Cyprus will be part of this war too.”

Israeli officials have said that, while they seek a diplomatic resolution to the current situation along the border with Lebanon, they are prepared to escalate military action against Hezbollah to push the terrorist group back in order to allow displaced Israelis to return to their homes.

Hezbollah, like Hamas, has been accused of using civilians as “human shields” when fighting Israel.

The post ‘We Are Being Held Hostage’: Lebanese TV Host Says Hezbollah Taking Lebanon Toward War, ‘Certain Death’ first appeared on Algemeiner.com.

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Hezbollah Launches Big Attack on Israel, Sonic Booms Rattle Beirut

Rockets launched from Lebanon to Israel over the border are intercepted, amid the ongoing cross-border hostilities between Hezbollah and Israeli forces, in Israel, near the border with Lebanon, July 3, 2024. Photo: REUTERS/Ayal Margolin

Lebanon’s Hezbollah launched a big rocket and drone attack at Israel on Thursday and threatened to hit new targets in retaliation for the killing of a top commander, in the latest surge of violence in the steadily worsening conflict across the border.

Sparked by the Gaza war, the conflict between the Iran-backed terrorist organization Hezbollah and Israel has been gradually intensifying for months, raising fears of a full-scale war, which both sides have indicated they want to avoid and diplomats are working to prevent.

As the latest violence played out in areas at or near the frontier — in keeping with the pattern of the last nine months — the sound of sonic booms rattled nerves for the second successive day in Beirut and other parts of Lebanon.

Israeli jets broke the sound barrier over several areas of the country, Lebanon’s National News Agency reported.

Hezbollah said it launched more than 200 rockets and a swarm of drones at 10 Israeli military sites in retaliation for Israel‘s killing of Hezbollah commander Mohammed Nasser in the south on Wednesday. Nasser is one of the most senior Hezbollah commanders to be killed by Israel during the conflict.

The Israeli military said around “200 projectiles and over 20 suspicious aerial targets were identified crossing from Lebanon into Israeli territory,” a number of which were intercepted by Israeli air defenses and fighter jets.

Israel‘s ambulance service said no casualties were reported. The Israeli military said some of the drones and interceptor shrapnel set off fires.

The Israeli air force “struck Hezbollah military structures” in the areas of Ramyeh and Houla,” it said, referring to two villages in south Lebanon.

Senior Hezbollah official Hashem Safieddine, speaking at an event in Beirut commemorating Nasser, indicated his group would widen its targeting.

“The series of responses continues in succession, and this series will continue to target new sites that the enemy did not imagine would be hit,” Safieddine said.

DIPLOMATIC PUSH

The United States has been leading diplomatic efforts to deescalate the fighting. Hezbollah has said it will not cease fire as long as Israel continues its offensive in the Gaza Strip.

The hostilities have inflicted a heavy toll on both sides of the frontier, forcing tens of thousands of people to flee their homes.

Amos Hochstein, a senior US official at the heart of the diplomacy, discussed French and American efforts to restore calm in meetings with French officials on Wednesday, a White House official said.

“France and the United States share the goal of resolving the current conflict across the Blue Line by diplomatic means, allowing Israeli and Lebanese civilians to return home with long-term assurances of safety and security,” the official said, referring to the demarcation line between the two neighbors.

Israeli Defense Minister Yoav Gallant said on Wednesday that Israeli forces were hitting Hezbollah “very hard every day” and will be ready to take any action necessary against the group, though the preference is to reach a negotiated arrangement.

Hezbollah also launched rockets at Israel on Wednesday in retaliation for Nasser’s killing.

Hezbollah began firing at Israeli targets along the border with Lebanon after its Palestinian terrorist ally Hams launched an attack on Israel on Oct. 7, declaring its support for the Palestinians.

Israeli attacks in Lebanon have killed more than 300 Hezbollah fighters and some 90 civilians, according to Reuters tallies. Israel says fire from Lebanon has killed 18 soldiers and 10 civilians.

The post Hezbollah Launches Big Attack on Israel, Sonic Booms Rattle Beirut first appeared on Algemeiner.com.

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Drexel University Professor Stole Signs From Synagogue, Police Say

Illustrative: People pass a cluster of signs outside a pro-Hamas encampment at Northwestern University in Evanston, Ill. on April 28, 2024. Photo: Max Herman via Reuters Connect

A Drexel University professor allegedly participated in a mass theft of items from a synagogue in a suburb outside Philadelphia, a local NBC affiliate reported on Tuesday.

Mariana Chilton, 56, a professor of health management and policy at Drexel, has been accused of stealing pro-Israel signs from the Main Line Reform Temple in Lower Merion Township, traveling there from her neighborhood of residency, Wynnewood, Pennsylvania. Chilton allegedly drove the getaway car while two other accomplices, Sarah Prickett and Sam Penn — who is from New York — trespassed the synagogue and absconded with the loot.

“We are just taking them because we feel like it is a representative of genocide,” Chilton told law enforcement after being caught in the act, the report stated. She then, after offering to “just put them back,” refused to identify herself and comply with other lawful orders.

Video evidence provided by a local resident placed Chilton and her accomplices at the scene of the crime, and a Main Line Reform Temple official identified the signs recovered from her car as the temple’s property. That was enough for law enforcement to charge her with several offenses, including conspiracy and theft. She is also charged with driving without a license and not registering her vehicle.

Drexel University has not responded to The Algemeiner‘s request for comment for this story.

Experts have told The Algemeiner in the past academic year that while the conduct of anti-Zionist students should be reported on, the role of faculty in fostering and engaging in antisemitic acts should be closely scrutinized. Last semester, anti-Zionist faculty attached themselves to anti-Israel, pro-Hamas demonstrations, sometimes breaking the law by preventing officers from dispersing unauthorized demonstrations and detaining lawbreakers.

At Northeastern University in Boston, professors formed a human barrier around a student encampment to stop its dismantling by officers, and at Columbia University, anti-Zionist faculty at the school, as well its affiliate Barnard College, staged a walkout in support of the demonstrations and demanded the abeyance of disciplinary sanctions against anti-Zionist students — dozens of whom cheered Hamas and threatened more massacres of Jews similar to Oct. 7 — who violated school rules.

Chilton’s case is unlike any other reported in the past year, however. While dozens of professors have been accused of abusing their Jewish students and encouraging their classmates to bully and shame them, none are alleged to have resorted to stealing from a Jewish house of worship to make their point.

Mass participation of faculty in pro-Hamas demonstrations marks an inflection point in American history, Asaf Romirowsky, an expert on the Middle East and executive director of Scholars for Peace in the Middle East, told The Algemeiner in April.

Since the 1960s, he explained, far-left “scholar activists” have gradually seized control of the higher education system, tailoring admissions processes and the curricula to foster ideological radicalism and conformity, which students then carry with them into careers in government, law, corporate America, and education. This system, he concluded, must be challenged.

“The cost of trading scholarship for political propagandizing has been a zeal and pride among faculty who esteem and cheer terrorism, a historical development which is quite telling and indicative of the evolution of the Marxist ideology which has been seeping into the academy since the 1960s,” Romirowsky said. “The message is very clear to all of us who are looking on from the outside at this, and institutions have to begin drawing a red line. The protests are not about free speech. They are about supporting terrorism, about calling for a genocide of Jews.”

Follow Dion J. Pierre @DionJPierre.

The post Drexel University Professor Stole Signs From Synagogue, Police Say first appeared on Algemeiner.com.

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