Israeli Venture Capital Firm Teuza to Manage Haifa’s New $27.9 Million Tech Fund

First announced in February, the new fund will invest in early stage startups willing to commit to establishing their operations in Haifa

Tel Aviv-listed venture capital fund Teuza was chosen to manage a new NIS 100 million ($27.9 million) tech fund sponsored by the Israeli city of Haifa, the city announced on Monday.

 

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The new fund, first announced in February, will invest in early stage startups willing to commit to establishing their operations in Haifa, Israel’s third largest city. Teuza will make a NIS 1 million ($279,000) to NIS 4 million ($1.1 million) investment in the fund.

Haifa (illustration). Photo: Zvi Roger

Despite being a major local hub for multinational companies developing technology in Israel, and home to the Technion – Israel Institute of Technology, a science-oriented research university, Haifa is hosts only 4.5% of startups and 6.4% of mature tech companies in the country, according to a government report from 2016. The vast majority of tech companies in Israel are based in the Tel Aviv metropolitan area.

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Founded in 1991 and based in Haifa, Teuza, whose corporate name is Teuza - a Fairchild Technology Venture Ltd., invested a total sum of $57 million to date in 27 companies including Nasdaq-listed meteorology company Nova Measuring Instruments Ltd., medical equipment company Bioness Inc., and surgical adhesive company Sealantis Ltd.