Israel Launches Billion-Dollar Program for Startups Hit by US Dollar Depreciation
The Israel Innovation Authority has launched a NIS 1 billion fast-track funding program to support startups and early-stage growth companies affected by the US dollar depreciation against the Israeli shekel.
The program aims to extend the operational runway of these companies by six months through grants, matching funding, and an accelerated application review process.
The rapid appreciation of the Israeli shekel has had a significant impact on startups that raise capital in US dollars, shortening their operational runway and increasing the amount of capital they will need to raise in their next funding round.
According to Dror Bin, CEO of the Israel Innovation Authority, 'Israeli high-tech is far more than an economic growth engine, it is a reflection of the entrepreneurial spirit, creativity, and resilience of Israeli society.'