Venture capital fund r24, controlled by the German accelerator rent24, is expected to invest €20 million (NIS 80 million) in Israeli startups. Rent24 operates co-working and co-living spaces and is managed by cofounder and CEO Robert Bukvic.
In addition to its regular activity, rent24 also operates a startup accelerator which will enable Israeli companies to gain exposure to the European, and specifically German, technology ecosystem. The accelerator will offer companies financing of €50,000-€2 million and further support, to include networking, advertising and more. The accelerator's investments will be made in exchange for shares. Rent24 does not focus on a specific field - the company intends to scout for companies that are at relatively early stages.
The companies awarded financing will not be required to transfer operations to Germany, but could relocate to Berlin for a limited period. The first cycle of the accelerator is expected to include 30 companies, which will be supported for three months-a year.
Bukvic said that he "calls on Israeli entrepreneurs to discover the German market and find worthy partners for their development here." He added, "Berlin has turned into Europe's startup and entrepreneurship capital in the past few years for a reason; it happened because investors are open to new investments and innovative projects. Unfortunately, most Israeli startups have so far turned to the US market, without understanding the extent to which investors have been captivated Israeli creativity and the Israeli mind."
Bukvic added, "Our fund will provide a soft landing for Israeli entrepreneurs who choose us as their partners; we will support them during the entire process, whether in making contact with investors or via the program's mentors, who are considered leading in their fields and specialize in founding companies, business development and IPOs. We will provide them with working and living spaces, advertising, and in fact lead the startup entrepreneurs to a breakthrough, helping them gain expertise in their field. It should be noted that we support several companies making their first steps."
Published by Globes [online], Israel business news - www.globes-online.com - on November 16, 2016
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