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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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Incoming US Senate Majority Leader Threatens ICC With Sanctions Over Arrest Warrant for Netanyahu

An exterior view of the International Criminal Court in the Hague, Netherlands, March 31, 2021. Photo: REUTERS/Piroschka van de Wouw

Incoming US Senate Majority Leader John Thune (R-SD) has threatened to push legislation imposing sanctions on the International Criminal Court (ICC) if it does not halt its efforts to pursue arrest warrants against Israeli officials, including Prime Minister Benjamin Netanyahu.

Thune, who was picked last week to be the next Senate majority leader once the Republicans take control of the legislative chamber in January, wrote Sunday on X/Twitter that he will make it a “top priority” to punish the ICC if it refuses to walk back its arrest warrant application issued against Netanyahu and former Israeli Defense Minister Yoav Gallant. The US lawmaker also indicated he would take action if Sen. Chuck Schumer (D-NY), the current Senate majority leader, does not do so against the intergovernmental organization.

“If the ICC and its prosecutor do not reverse their outrageous and unlawful actions to pursue arrest warrants against Israeli officials, the Senate should immediately pass sanctions legislation, as the House has already done on a bipartisan basis,” he wrote. “If Majority Leader Schumer does not act, the Senate Republican majority will stand with our key ally Israel and make this — and other supportive legislation ‚ a top priority in the next Congress.”

In May, the ICC chief prosecutor officially requested arrest warrants for the Israeli premier, Gallant, and three Hamas terrorist leaders — Yahya Sinwar, Mohammed Al-Masri, and Ismail Haniyeh — accusing all five men of “bearing criminal responsibility” for alleged war crimes and crimes against humanity committed in Israel or the Gaza Strip. The three Hamas leaders have since been killed, and Gallant was recently fired as Israel’s defense minister.

US and Israeli officials subsequently issued blistering condemnations of the ICC move, decrying the court for drawing a moral equivalence between Israel’s democratically elected leaders and the heads of Hamas, the Palestinian terrorist group that launched the ongoing war in Gaza with its massacre across southern Israel last Oct. 7.

ICC chief prosecutor Karim Khan has come under fire for making his surprise demand for arrest warrants for Netanyahu and Gallant on the same day in May that he suddenly canceled a long-planned visit to both Gaza and Israel to collect evidence of alleged war crimes. The last-second cancellation infuriated US and British leaders, according to Reuters, which reported that the trip would have offered Israeli leaders a first opportunity to present their position and outline any action they were taking to respond to the war crime allegations.

Thune’s Republican colleagues praised his threat to the ICC, suggesting that the Senate should target the international organization. 

“Well done Senator Thune. The ICC’s actions against Israel have been outrageous, and an independent review into the prosecutor’s actions is more than called for,” wrote Sen. Lindsey Graham (R-SC). :The Senate should take up the ICC sanctions bill that passed the House in a bipartisan manner. Standing up for Israel today protects America tomorrow.”

“The Senate must immediately pass legislation to sanction the International Criminal Court,” stated Sen. John Barrasso (R-WY.), chair of the Senate Republican Conference. “Senate Republicans stands with Israel.”

“The Senate Foreign Relations Committee can and should act ASAP to pass ICC sanctions legislation. We waited for months for the majority to schedule the vote only to have them postpone it before the election. We will not fail to act when Republicans are in the majority,” wrote Sen. John Risch (R-ID), the top Republican on the Senate Foreign Relations Committee.

Sen. Susan Collins (R-ME) wrote that the Senate “should immediately consider the bipartisan legislation passed by the House to sanction the ICC.”

Sen. Tom Cotton (R-AK) added that Thune is “right” and that “Chuck Schumer should do his job” by advancing legislation to sanction the ICC.

The US has said it does not recognize the ICC’s jurisdiction and rejects the implied equivalence drawn between Israel and Hamas.

The post Incoming US Senate Majority Leader Threatens ICC With Sanctions Over Arrest Warrant for Netanyahu first appeared on Algemeiner.com.

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Concordia closes its Montreal Institute for Genocide and Human Rights Studies, citing ‘budgetary constraints’

It was announced quietly, wit a small, two-paragraph notice replacing the web page for Concordia University’s Montreal Institute for Genocide and Human Rights Studies (MIGS), along with an unrelated stock […]

The post Concordia closes its Montreal Institute for Genocide and Human Rights Studies, citing ‘budgetary constraints’ appeared first on The Canadian Jewish News.

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Jamaal Bowman Continues Diatribes Against Israel, AIPAC; Expresses Pride in Not Condemning Oct. 7 Massacre

US Rep. Jamaal Bowman (D-NY) speaks during the National Action Network National Convention in New York City, US, April 7, 2022. Photo: REUTERS/Eduardo Munoz

In his final weeks as a US federal lawmaker, Rep. Jamaal Bowman (D-NY) has continued his persistent condemnation of Israel, accusing the Jewish state of perpetrating “apartheid” against Palestinians, expressing pride in not supporting a resolution condemning Hamas’s massacre across southern Israel last Oct. 7, and arguing against the funding of Israel’s Iron Dome air defense system. 

During a newly released interview with left-wing pundit Rania Khalek, Bowman reflected on his unsuccessful reelection bid earlier this year. The lawmaker blamed the “pro-Israel lobby” for his loss in the Democratic primary, claiming that his outspokenness about the ongoing Israel-Hamas war made him a target for “Zionists.”

Bowman, one of the staunchest critics of Israel in the US Congress, argued that the American Israel Public Affairs Committee (AIPAC), a prominent pro-Israel lobbying group, overwhelmed his campaign by spending roughly $15 million to aid his opponent, Westchester County Executive George Latimer. He added that his constituents were stunned that a “special interest” group such as AIPAC “can remove a congressman” by submerging a primary race in a torrent of money. 

“Now the world has seen AIPAC for who they are,” Bowman stated. 

The stated mission of AIPAC is to seek bipartisan support to strengthen the US-Israel relationship.

Bowman admitted that he did not know much about the Israeli-Palestinian conflict when he initially ran for office, opting to parrot talking points such as Israel “has a right to exist” and a “right to defend itself.”

Bowman said that his opinion on Israel was transformed after he visited the country on a trip sponsored by J Street, a progressive Zionist organization that recently called for the US to impose an arms embargo against the Jewish state. The left-wing firebrand said that the trip — which consisted of a series of discussions with peace activists, scholars, and former Israel Defense Force (IDF) officers — soured his view of the Jewish state, comparing the security checkpoints and barrier wall that separate Israel and the West Bank to protect against terrorism with the Jim Crow laws in the US south segregating black Americans.

Khalek asked Bomwan if his view on Iron Dome has shifted, citing that the missile interception system “shields Israel from the consequences for bombing all of its neighbors, for constantly stealing land.”

The congressman claimed that his view on Israel’s air defense system has changed, arguing that it represents “a weapon to use and continue apartheid, oppression, open-air prison, occupation, and now the genocide” of Palestinians. He said that he regrets voting in favor of Iron Dome funding, and that the missile defense system should only be replenished if the Palestinians are given a fully-funded army on Israel’s borders.

Bowman also criticized a congressional resolution condemning the Palestinian terrorist group Hamas’s massacre across southern Israel last Oct. 7, suggesting that AIPAC authored the document. He dismissed the notion that the mass murder, rape, and kidnapping of Israelis on Oct. 7 was “unprovoked,” claiming that Israel initiated the aggression by enacting “apartheid” on Palestinians. He then lambasted American governors, senators, and President Joe Biden for immediately showing empathy to Israelis, saying that legislators were being “dishonest” and not having a “full conversation” about the Jewish state. 

In the year following the Oct. 7 attacks on Israel, Bowman  intensified his rhetoric against Israel and pro-Israel organizations. Over the summer, he condemned AIPAC as a “Zionist regime.” In a desperate attempt to salvage his ill-fated primary effort, he promise the Democratic Socialists of America — a prominent far-left organization that has made anti-Israel activism a top priority — that he would vote against future Iron Dome funding in exchange for financial backing of his campaign. Bowman infamously dismissed the widely reported and corroborated allegations of Hamas terrorists raping Israeli women during the Oct. 7 onslaught as “propaganda” before being forced to walk back his remarks.

In June, Latimer cruised to a commanding victory over Bowman, winning by a margin of 58 percent to 41 percent.

The post Jamaal Bowman Continues Diatribes Against Israel, AIPAC; Expresses Pride in Not Condemning Oct. 7 Massacre first appeared on Algemeiner.com.

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