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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 nuclear program degraded by up to two years, Pentagon says
A satellite image of Iran’s Fordow nuclear facility. Photo: File.
The Pentagon said on Wednesday that US strikes 10 days ago had degraded Iran’s nuclear program by up to two years, suggesting the U.S. military operation likely achieved its goals despite a far more cautious initial assessment that leaked to the public.
Sean Parnell, a Pentagon spokesman, offered the figure at a briefing to reporters, adding that the official estimate was “probably closer to two years.” Parnell did not provide evidence to back up his assessment.
“We have degraded their program by one to two years, at least intel assessments inside the Department [of Defense] assess that,” Parnell told a news briefing.
U.S. military bombers carried out strikes against three Iranian nuclear facilities on June 22 using more than a dozen 30,000-pound bunker-buster bombs and more than two dozen Tomahawk land attack cruise missiles.
The evolving U.S. intelligence about the impact of the strikes is being closely watched, after President Donald Trump said almost immediately after they took place that Iran’s program had been obliterated, language echoed by Parnell at Wednesday’s briefing.
Such conclusions often take the U.S. intelligence community weeks or more to determine.
“All of the intelligence that we’ve seen [has] led us to believe that Iran’s — those facilities especially, have been completely obliterated,” Parnell said.
Over the weekend, the head of the UN nuclear watchdog, Rafael Grossi, said that Iran could be producing enriched uranium in a few months, raising doubts about how effective US strikes to destroy Tehran’s nuclear program have been.
Several experts have also cautioned that Iran likely moved a stockpile of near weapons-grade highly enriched uranium out of the deeply buried Fordow site before the strikes and could be hiding it.
But US Defense Secretary Pete Hegseth said last week he was unaware of intelligence suggesting Iran had moved its highly enriched uranium to shield it from US strikes.
A preliminary assessment last week from the Defense Intelligence Agency suggested that the strikes may have only set back Iran’s nuclear program by months. But Trump administration officials said that assessment was low confidence and had been overtaken by intelligence showing Iran’s nuclear program was severely damaged.
According to Iranian Foreign Minister Abbas Araqchi, the strikes on the Fordow nuclear site caused severe damage.
“No one exactly knows what has transpired in Fordow. That being said, what we know so far is that the facilities have been seriously and heavily damaged,” Araqchi said in the interview broadcast by CBS News on Tuesday.
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Switzerland Moves to Close Gaza Humanitarian Foundation’s Geneva Office Over Legal Irregularities
Palestinians carry aid supplies received from the US-backed Gaza Humanitarian Foundation in the central Gaza Strip, May 29, 2025. Photo: REUTERS/Ramadan Abed/File Photo
Switzerland has moved to shut down the Geneva office of the Gaza Humanitarian Foundation (GHF), a US- and Israeli-backed aid group, citing legal irregularities in its establishment.
The GHF began distributing food packages in Gaza in late May, implementing a new aid delivery model aimed at preventing the diversion of supplies by Hamas, as Israel continues its defensive military campaign against the Palestinian terrorist group.
The initiative has drawn criticism from the UN and international organizations, some of which have claimed that Jerusalem is causing starvation in the war-torn enclave.
Israel has vehemently denied such accusations, noting that, until its recently imposed blockade, it had provided significant humanitarian aid in the enclave throughout the war.
Israeli officials have also said much of the aid that flows into Gaza is stolen by Hamas, which uses it for terrorist operations and sells the rest at high prices to Gazan civilians.
With a subsidiary registered in Geneva, the GHF — headquartered in Delaware — reports having delivered over 56 million meals to Palestinians in just one month.
According to a regulatory announcement published Wednesday in the Swiss Official Gazette of Commerce, the Federal Supervisory Authority for Foundations (ESA) may order the dissolution of the GHF if no creditors come forward within the legal 30-day period.
The Trump administration did not immediately respond to requests for comment on the Swiss decision to shut down its Geneva office.
“The GHF confirmed to the ESA that it had never carried out activities in Switzerland … and that it intends to dissolve the Geneva-registered branch,” the ESA said in a statement.
Last week, Geneva authorities gave the GHF a 30-day deadline to address legal shortcomings or risk facing enforcement measures.
Under local laws and regulations, the foundation failed to meet several requirements: it did not appoint a board member authorized to sign documents domiciled in Switzerland, did not have the minimum three board members, lacked a Swiss bank account and valid address, and operated without an auditing body.
The GHF operates independently from UN-backed mechanisms, which Hamas has sought to reinstate, arguing that these vehicles are more neutral.
Israeli and American officials have rejected those calls, saying Hamas previously exploited UN-run systems to siphon aid for its war effort.
The UN has denied those allegations while expressing concerns that the GHF’s approach forces civilians to risk their safety by traveling long distances across active conflict zones to reach food distribution points.
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Key US Lawmaker Warns Ireland of Potential Economic Consequences for ‘Antisemitic Path’ Against Israel
US Sen. James Risch (R-ID) speaks during a Senate Foreign Relations Committee hearing, Washington, DC, May 21, 2024. Photo: Graeme Sloan/Sipa USA via Reuters Connect
Senate Foreign Relations Committee Chairman James Risch (R-ID) issued a sharp warning Tuesday, accusing Ireland of embracing antisemitism and threatening potential economic consequences if the Irish government proceeds with new legislation targeting Israeli trade.
“Ireland, while often a valuable U.S. partner, is on a hateful, antisemitic path that will only lead to self-inflicted economic suffering,” Risch wrote in a post on X. “If this legislation is implemented, America will have to seriously reconsider its deep and ongoing economic ties. We will always stand up to blatant antisemitism.”
Marking a striking escalation in rhetoric from a senior US lawmaker, Risch’s comments came amid growing tensions between Ireland and Israel, which have intensified dramatically since the Hamas-led attacks on southern Israel on October 7, 2023. Those attacks, in which roughly 1,200 Israelis were killed and more than 200 taken hostage, prompted a months-long Israeli military campaign in Gaza that has drawn widespread international scrutiny. Ireland has positioned itself as one of the most vocal critics of Israel’s response, accusing the Israeli government of disproportionate use of force and calling for immediate humanitarian relief and accountability for the elevated number of Palestinian civilian casualties.
Dublin’s stance has included tangible policy shifts. In May 2024, Ireland formally recognized a Palestinian state, becoming one of the first European Union members to do so following the outbreak of the war in Gaza. The move was condemned by Israeli officials, who recalled their ambassador to Ireland and accused the Irish government of legitimizing terrorism. Since then, Irish lawmakers have proposed further measures, including legislation aimed at restricting imports from Israeli settlements in the West Bank, policies viewed in Israel and among many American lawmakers as aligning with the controversial Boycott, Divestment, and Sanctions (BDS) movement.
While Irish leaders have defended their approach as grounded in international law and human rights, critics in Washington, including Risch, have portrayed it as part of a broader pattern of hostility toward Israel. Some US lawmakers have begun raising the possibility of reevaluating trade and diplomatic ties with Ireland in response.
Risch’s warning is one of the clearest indications yet that Ireland’s policies toward Israel could carry economic consequences. The United States is one of Ireland’s largest trading partners, and American companies such as Apple, Google, Meta and Pfizer maintain substantial operations in the country, drawn by Ireland’s favorable tax regime and access to the EU market.
Though the Trump administration has not echoed Risch’s warning, the remarks reflect growing unease in Washington about the trajectory of Ireland’s foreign policy. The State Department has maintained a careful balancing act, expressing strong support for Israel’s security while calling for increased humanitarian access in Gaza. Officials have stopped short of condemning Ireland’s actions directly but have expressed concern about efforts they see as isolating Israel on the international stage.
Ireland’s stance is emblematic of a growing international divide over the war. While the US continues to provide military and diplomatic backing to Israel, many European countries have called for an immediate ceasefire and investigations into alleged war crimes.
Irish public opinion has long leaned pro-Palestinian, and Irish lawmakers have repeatedly voiced concern over the scale of destruction in Gaza and the dire humanitarian situation.
Irish officials have not yet responded to The Algemeiner’s request for comment.
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