Connect with us

RSS

‘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.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

RSS

University of Connecticut Rejects Dialogue With Pro-Hamas Group After Antisemitic Incident Targeting President

UConnDivest, a Students for Justice in Palestine (SJP) spinoff demonstrating at University of Connecticut. Photo: UConnDivest/Instagram

University of Connecticut administrators have canceled a planned meeting with UConnDivest (UDC), a spinoff of Students for Justice in Palestine (SJP), following the group’s creating what a local newspaper described as an antisemitic caricature of President Radenka Maric, who is Jewish.

According to The Hartford Courant, UDC on Monday distributed an illustration portraying Maric as a devil-like figure with red horns against a backdrop of money and missiles. The tactic continued a smear offensive SJP has been waging against Maric since Hamas’s Oct. 7 massacre across southern Israel, which has included creating altered images in which the face of a clown — graffitied across the forehead with the phrase “I Genocide — is imposed on her visage. In other communications, SJP has accused Maric of being both a puppet and puppet master, one who facilitates a genocide of Palestinians and, as it said in May, “inherently sides with ruling class interests.”

Maric’s administration, aiming to calm the campus months after she ordered the arrests of some two dozen pro-Hamas protesters, still agreed to hold several meetings with UCD to discuss their demands for a boycott of Israel and amnesty for protesters facing criminal charges despite their repeated violations of school rules and promotion of antisemitic tropes. The first of what was to be a series of meetings was held in late August. They were slated to continue throughout the fall semester, but after UCD’s latest outburst, the administration has stated that its patience is exhausted and that a dialogue with the students cannot continue.

“Whatever the intent, these images are examples of grotesque and unacceptable antisemitism that will be instantly recognizable to countless Jews,” high-level university officials on Thursday told UCD in a letter, portions of which were shared by the Hartford Courant. “It is deeply wrong and dangerous to deploy imagery such as this. Depicting a Jewish female administrator with ‘devil horns,’ as a pig, or using obscene and vulgar expressions, are not amusing caricatures — they are dark and troubling images deeply rooted in history that have been associated with hatred and violence for centuries, in addition to being openly misogynistic.”

The letter continued, “We witnessed expressions and actions that are deeply disturbing, counter to our values as an inclusive community, and make further meetings or discussions with your student group at this time untenable.”

UCD responded to the letter by vowing to continue its behaviors until its demands, which include a face-to-face standoff with Maric, are met.

“UConnDivest is fighting to end the genocide of Palestinians and to end the violence and oppression imposed upon so many other peoples around the globe,” the group said in an Instagram post. “UConnDivest will never cease speaking out against human rights abuses and fighting for what is right. Our Palestinian siblings are forever in our hearts.”

Writing to the Courant, the group accused the university of fabricating antisemitism allegations to sidestep Israel’s war with Hamas.

“UConnDivest condemns the administration’s weaponization of antisemitism to deflect criticism over its involvement in the ongoing genocide of Palestinians in Gaza,” it said.

Pro-Hamas and anti-Zionist groups are already resuming the disruptive behavior they perpetrated last academic year, when Jewish students across the US were assaulted, spit on, and threatened with mass murder.

In August, pro-Hamas students at Cornell University vandalized an administrative building, graffitiing “Israel Bombs, Cornell pays” and “Blood is on your hands” on it and shattering the glazings of its glass doors. Earlier this month, several resident assistants employed by Rutgers University left an antisemitism awareness program because a speaker explained that Hamas’s antisemitism and desire to destroy the world’s only Jewish state precipitated the Oct. 7 massacre. Weeks earlier, a masked man poured red paint on the Alma Mater sculpture at Columbia University, symbolizing the spilling of blood.

Anti-Israel activity on college campuses has reached crisis levels in the 11 months since Hamas’s Oct. 7 massacre across southern Israel, according to a new report the Anti-Defamation League (ADL) issued on Monday.

Revealing a “staggering” 477 percent increase in anti-Zionist activity involving assault, vandalism, and other phenomena, the report — titled “Anti-Israel Activism on US Campuses, 2023-2024” — paints a bleak picture of America’s higher education system poisoned by political extremism and hate.

The report added that 10 campuses accounted for 16 percent of all incidents tracked by ADL researchers, with Columbia University and the University of Michigan combining for 90 anti-Israel incidents, 52 and 38, respectively. Harvard University, the University of California, Los Angeles, Rutgers University New Brunswick, Stanford University, Cornell University, and others filled out the rest of the top 10. Violence, the report continued, was most common at universities in the state of California, where in one incident anti-Zionist activists punched a Jewish student for filming him at a protest.

The ADL also provided hard numbers on the number of pro-Hamas protests which struck campuses across the country following Oct. 7, a subject The Algemeiner has covered extensively. According to the report, 1,418 anti-Zionist demonstrations were held at 360 campuses in 46 states during the 2023-2024 academic year, a 335 percent increase from the previous year.

“The antisemitic, anti-Zionist vitriol we’ve witnessed on campus is unlike anything we’ve seen in the past,” ADL CEO Jonathan Greenblatt said in a statement announcing the report. “Since the Hamas-led Oct. 7 attack on Israel, the anti-Israel movement’s relentless harassment, vandalism, intimidation and violent physical assaults go way beyond the peaceful voicing of a political opinion. Administrators and faculty need to do much better this year to ensure a safe and truly inclusive environment for all students, regardless of religion, nationality, or political views, and they need to start now.”

Follow Dion J. Pierre @DionJPierre.

The post University of Connecticut Rejects Dialogue With Pro-Hamas Group After Antisemitic Incident Targeting President first appeared on Algemeiner.com.

Continue Reading

RSS

Houthis Prepared for ‘Long War of Attrition’ With Israel, Says Terror Group’s ‘Defense Minister’

Houthi policemen ride on the back of a patrol pick-up truck during the funeral of Houthi terrorists killed by recent US-led strikes, in Sanaa, Yemen, Feb. 10, 2024. Photo: REUTERS/Khaled Abdullah

Yemen’s Iran-backed Houthi militia is prepared for a “long war” against Israel and its allies, according to the US-designated terrorist organization’s so-called “defense minister,” who described fighting the Jewish state as a “religious duty.”

“The Yemeni Army holds the key to victory, and is prepared for a long war of attrition against the usurping Zionist regime, its sponsors, and allies,” Mohamed al-Atifi was quoted as saying on Thursday by Iran’s state-owned Press TV network.

“Our struggle against the Nazi Zionist entity is deeply rooted in our beliefs. We are well aware of the fact that this campaign is a sacred and religious duty that requires tremendous sacrifices,” added Atifi, who has been sanctioned by the US government.

His remarks echoed those of Hamas leader Yahya Sinwar, who on Monday said his Palestinian terrorist group was prepared for prolonged fighting against Israel in a message to the Houthis.

“We have prepared ourselves to fight a long war of attrition that will break the enemy’s political will,” Sinwar said, claiming that Hamas and allied Iran-backed groups across the Middle East would defeat the Jewish state.

The Houthis began disrupting global trade in a major way with their attacks on shipping in the busy Red Sea corridor after Hamas’s Oct. 7 massacre across southern Israel, arguing their aggression was a show of support for Palestinians in Gaza.

The Houthi rebels — whose slogan is “death to America, death to Israel, curse the Jews, and victory to Islam” — have controlled a significant portion of Yemen’s land in the north and along the Red Sea since 2014, when they captured it in the midst of the country’s civil war.

The Iran-backed movement has said it will target all ships heading to Israeli ports, even if they do not pass through the Red Sea, and claimed responsibility for attempted drone and missile strikes targeting Israel. Since Hamas’s Oct. 7 onslaught, which launched the ongoing war in Gaza, Houthi terrorists in Yemen have routinely launched ballistic missiles toward Israel’s southern city of Eilat. In July, they hit the center of Tel Aviv with a long-range Iranian-made drone.

Then on Sunday, the Houthis reached central Israel with a missile for the first time. Israeli air defenses intercepted fragments of a surface-to-surface missile launched from Yemen that exploded over Israel’s central region. Israeli Prime Minister Benjamin Netanyahu said Israel would inflict a “heavy price” on the Houthis for the attack.

Sinwar congratulated the Houthis for Sunday’s attempted strike.

“I congratulate you on your success in sending your missiles deep into the enemy entity, bypassing all layers and defense and interception systems,” Sinwar said in his message addressed to Houthi leader Abdul Malik al-Houthi.

According to reports, Houthi fighters recently arrived in Syria from Yemen as “a prelude to a new phase of escalation against Israel.” The Algemeiner could not independently verify these reports, although they fit with Sinwar’s stated goal of fighting Israel on all fronts.

“Our combined efforts with you” and with groups in Lebanon and Iraq “will break this enemy and inflict defeat on it,” the Hamas leader said on Monday to his Houthi counterpart.

Meanwhile, the leader of the Iran-backed Iraqi militia Asa’ib Ahl al-Haq, another US-designated terrorist organization, also praised the Houthis for their opposition to Israel.

“Yemen’s support for Palestine represents a model to be emulated. Yemenis have proven to the whole world that they are capable of creating miracles and changing the balance of power,” Qais al-Khazali told al-Masirah TV on Thursday. “What the Yemeni nation has obtained under the aegis of leader of the Ansarullah resistance movement Abdul-Malik al-Houthi is a great achievement, which every Arab and Muslim could be proud of.”

The US Defense Intelligence Agency (DIA) released a report in July revealing how Iran has been “smuggling weapons and weapons components to the Houthis.”

The report noted that the Houthis used Iranian-supplied ballistic and cruise missiles to conduct over a hundred land attacks on Israel, Saudi Arabia, the United Arab Emirates, and within Yemen, as well as dozens of attacks on merchant shipping.

Iran also backs Hamas, providing the Islamist terror group with weapons, funding, and training.

While the Houthis have increasingly targeted Israeli soil in recent months, they have primarily attacked ships in the Red Sea, a key trade route, having a major economic impact by disrupting global shipping and raising the cost of shipping and insurance. Shipping firms have been forced in many cases to re-route to longer and more expensive journeys around southern Africa to avoid passing near Yemen.

Beyond Israeli targets, the Houthis have threatened and in some cases actually attacked US and British ships, leading the two Western allies to launch retaliatory strikes against Houthi targets in Yemen.

The post Houthis Prepared for ‘Long War of Attrition’ With Israel, Says Terror Group’s ‘Defense Minister’ first appeared on Algemeiner.com.

Continue Reading

RSS

Israeli Singer Eden Golan to Perform at UN ‘October Rain’ Song About Hamas Attack Rejected by Eurovision

Eden Golan performing “Hurricane” for Israel at the second semi-final for the 2024 Eurovision Song Contest at Malmo Arena on May 9, 2024. Photo: Corinne Cumming/EBU

Eden Golan, Israel’s representative in this year’s Eurovision Song Contest, will perform her original song “October Rain” at the United Nations to mark the one-year anniversary of the deadly Oct. 7 Hamas terrorist attacks in southern Israel.

Golan will perform the track at a ceremony on Oct. 7 that will be hosted by Israel’s Foreign Ministry, according to ILTV News. Families of hostages currently being held by Hamas in the Gaza Strip are expected to attend the event along with Israel’s Foreign Minister Israel Katz, US Ambassador to the UN Linda Thomas-Greenfield, and diplomats from other countries, the news outlet reported.

The lyrics of “October Rain” reference the Oct. 7 massacre, and in the chorus, Golan sings: “Dancing in the storm/We got nothing to hide/Take me home/And leave the world behind/And I promise you that never again/I’m still wet from this October rain.”

Golan had originally planned to perform “October Rain” at this year’s Eurovision Song Contest in Sweden, but the European Broadcasting Union (EBU), which organizes the contest, rejected the song, deeming it too political. Golan instead competed in the Eurovision with a reworded version of the song that was retitled “Hurricane.”

Golan finished in fifth place in the 2024 Eurovision Song Contest. She made it to the top five after being booed on stage by anti-Israel protesters, experiencing death threats, and having one of the competition’s jury members refuse to give her points because of his personal opposition to Israel. Golan later revealed that she was forced to wear a disguise outside her hotel during the song competition in Malmo, Sweden, because of the threats she faced by those who opposed Israel’s involvement in the contest.

Shortly after the conclusion of the competition, Golan performed “October Rain” at a rally in Tel Aviv in support of the hostages taken by Hamas on Oct. 7.

The post Israeli Singer Eden Golan to Perform at UN ‘October Rain’ Song About Hamas Attack Rejected by Eurovision first appeared on Algemeiner.com.

Continue Reading

Copyright © 2017 - 2023 Jewish Post & News