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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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Iranian Media Claims Obtaining ‘Sensitive’ Israeli Intelligence Materials
FILE PHOTO: The atomic symbol and the Iranian flag are seen in this illustration, July 21, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
i24 News – Iranian and Iran-affiliated media claimed on Saturday that the Islamic Republic had obtained a trove of “strategic and sensitive” Israeli intelligence materials related to Israel’s nuclear facilities and defense plans.
“Iran’s intelligence apparatus has obtained a vast quantity of strategic and sensitive information and documents belonging to the Zionist regime,” Iran’s state broadcaster said, referring to Israel in the manner accepted in those Muslim or Arab states that don’t recognize its legitimacy. The statement was also relayed by the Lebanese site Al-Mayadeen, affiliated with the Iran-backed jihadists of Hezbollah.
The reports did not include any details on the documents or how Iran had obtained them.
The intelligence reportedly included “thousands of documents related to that regime’s nuclear plans and facilities,” it added.
According to the reports, “the data haul was extracted during a covert operation and included a vast volume of materials including documents, images, and videos.”
The report comes amid high tensions over Iran’s nuclear program, over which it is in talks with the US administration of President Donald Trump.
Iranian-Israeli tensions reached an all-time high since the October 7 massacre and the subsequent Gaza war, including Iranian rocket fire on Israel and Israeli aerial raids in Iran that devastated much of the regime’s air defenses.
Israel, which regards the prospect of the antisemitic mullah regime obtaining a nuclear weapon as an existential threat, has indicated it could resort to a military strike against Iran’s installations should talks fail to curb uranium enrichment.
The post Iranian Media Claims Obtaining ‘Sensitive’ Israeli Intelligence Materials first appeared on Algemeiner.com.
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Israel Retrieves Body of Thai Hostage from Gaza
Israeli Defense Minister Israel Katz looks on, amid the ongoing conflict in Gaza between Israel and Hamas, in Jerusalem, Nov. 7, 2024. Photo: REUTERS/Ronen Zvulun
The Israeli military has retrieved the body of a Thai hostage who had been held in Gaza since Hamas’ October 7, 2023 attack, Defense Minister Israel Katz said on Saturday.
Nattapong Pinta’s body was held by a Palestinian terrorist group called the Mujahedeen Brigades, and was recovered from the area of Rafah in southern Gaza, Katz said. His family in Thailand has been notified.
Pinta, an agricultural worker, was abducted from Kibbutz Nir Oz, a small Israeli community near the Gaza border where a quarter of the population was killed or taken hostage during the Hamas attack that triggered the devastating war in Gaza.
Israel’s military said Pinta had been abducted alive and killed by his captors, who had also killed and taken to Gaza the bodies of two more Israeli-American hostages that were retrieved earlier this week.
There was no immediate comment from the Mujahedeen Brigades, who have previously denied killing their captives, or from Hamas. The Israeli military said the Brigades were still holding the body of another foreign national. Only 20 of the 55 remaining hostages are believed to still be alive.
The Mujahedeen Brigades also held and killed Israeli hostage Shiri Bibas and her two young sons, according to Israeli authorities. Their bodies were returned during a two-month ceasefire, which collapsed in March after the two sides could not agree on terms for extending it to a second phase.
Israel has since expanded its offensive across the Gaza Strip as US, Qatari and Egyptian-led efforts to secure another ceasefire have faltered.
US-BACKED AID GROUP HALTS DISTRIBUTIONS
The United Nations has warned that most of Gaza’s 2.3 million population is at risk of famine after an 11-week Israeli blockade of the enclave, with the rate of young children suffering from acute malnutrition nearly tripling.
Aid distribution was halted on Friday after the US-and Israeli-backed Gaza Humanitarian Foundation said overcrowding had made it unsafe to continue operations. It was unclear whether aid had resumed on Saturday.
The GHF began distributing food packages in Gaza at the end of May, overseeing a new model of aid distribution which the United Nations says is neither impartial nor neutral. It says it has provided around 9 million meals so far.
The Israeli military said on Saturday that 350 trucks of humanitarian aid belonging to U.N. and other international relief groups were transferred this week via the Kerem Shalom crossing into Gaza.
The war erupted after Hamas-led terrorists took 251 hostages and killed 1,200 people, most of them civilians, in the October 7, 2023 attack, Israel’s single deadliest day.
The post Israel Retrieves Body of Thai Hostage from Gaza first appeared on Algemeiner.com.
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US Mulls Giving Millions to Controversial Gaza Aid Foundation, Sources Say
Palestinians carry aid supplies which they received from the US-backed Gaza Humanitarian Foundation, in the central Gaza Strip, May 29, 2025. Photo: REUTERS/Ramadan Abed/File Photo
The State Department is weighing giving $500 million to the new foundation providing aid to war-shattered Gaza, according to two knowledgeable sources and two former US officials, a move that would involve the US more deeply in a controversial aid effort that has been beset by violence and chaos.
The sources and former US officials, all of whom requested anonymity because of the sensitivity of the matter, said that money for Gaza Humanitarian Foundation (GHF) would come from the US Agency for International Development (USAID), which is being folded into the US State Department.
The plan has met resistance from some US officials concerned with the deadly shootings of Palestinians near aid distribution sites and the competence of the GHF, the two sources said.
The GHF, which has been fiercely criticized by humanitarian organizations, including the United Nations, for an alleged lack of neutrality, began distributing aid last week amid warnings that most of Gaza’s 2.3 million population is at risk of famine after an 11-week Israeli aid blockade, which was lifted on May 19 when limited deliveries were allowed to resume.
The foundation has seen senior personnel quit and had to pause handouts twice this week after crowds overwhelmed its distribution hubs.
The State Department and GHF did not immediately respond to requests for comment.
Reuters has been unable to establish who is currently funding the GHF operations, which began in Gaza last week. The GHF uses private US security and logistics companies to transport aid into Gaza for distribution at so-called secure distribution sites.
On Thursday, Reuters reported that a Chicago-based private equity firm, McNally Capital, has an “economic interest” in the for-profit US contractor overseeing the logistics and security of GHF’s aid distribution hubs in the enclave.
While US President Donald Trump’s administration and Israel say they don’t finance the GHF operation, both have been pressing the United Nations and international aid groups to work with it.
The US and Israel argue that aid distributed by a long-established U.N. aid network was diverted to Hamas. Hamas has denied that.
USAID has been all but dismantled. Some 80 percent of its programs have been canceled and its staff face termination as part of President Donald Trump’s drive to align US foreign policy with his “America First” agenda.
One source with knowledge of the matter and one former senior official said the proposal to give the $500 million to GHF has been championed by acting deputy USAID Administrator Ken Jackson, who has helped oversee the agency’s dismemberment.
The source said that Israel requested the funds to underwrite GHF’s operations for 180 days.
The Israeli government did not immediately respond to a request for comment.
The two sources said that some US officials have concerns with the plan because of the overcrowding that has affected the aid distribution hubs run by GHF’s contractor, and violence nearby.
Those officials also want well-established non-governmental organizations experienced in running aid operations in Gaza and elsewhere to be involved in the operation if the State Department approves the funds for GHF, a position that Israel likely will oppose, the sources said.
The post US Mulls Giving Millions to Controversial Gaza Aid Foundation, Sources Say first appeared on Algemeiner.com.
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