PwC Israel and OurCrowd, Israel’s most active venture investor, have announced a strategic partnership by which PwC Israel will provide business support to portfolio companies in OurCrowd’s Israel Resilience Fund. OurCrowd also announced that commitment by investors to the fund had increased to $17M, enabling it to increase funding from 8 to 34 startups, of which half are outside the existing OurCrowd portfolio.
“Amidst the current situation in the Israeli ecosystem, we are proud to collaborate with OurCrowd’s Israel Resilience Fund which is dedicated to fund and support selected tech companies who are highly affected by the current war in Israel,” said Guy Preminger, Technology Leader at PwC Israel. “Our involvement in the program is focused on helping the portfolio companies with their business development and fundraising efforts in Israel and abroad; connections to a large pool of finance executives, who are committed to support the companies; dedicated mentorship from our experts; and more.”
“The Israel Resilience Fund now has $17M in commitments from investors, and 34 Israeli startups have been approved for investment, representing over 1,000 jobs in Israel,” said Jon Medved, Founder and CEO of OurCrowd. “The fund, launched in November 2023, is a pioneering initiative that is investing in Israeli startups impacted by the ongoing war in Israel. OurCrowd is waiving all management fees and carried interest, in a move which will further strengthen investors’ financial return.”
Jeff Kupietzky, Operating Partner of the Israel Resilience Fund, said: “This collaboration with PwC Israel will further support the Resilience Fund’s portfolio companies which are managing to forge ahead with their business operations despite intense pressure. The expert advice and mentorship from PwC Israel and its partners will help these startups to continue to grow, directly benefiting hundreds of employees and positively impacting the Israeli economy at this critical moment.”
PwC Israel is a part of the PwC global network, a leading professional services firm, which addresses the needs and requirements of clients operating in both local and global markets. PwC Israel provides Assurance, Tax consulting and a wide range of Advisory services to a broad spectrum of companies in the hightech sector, from startups to large, mature multinationals, from inception through IPO or M&A, using PwC’s industry-wide relationships and expertise.
