Iron Nation launches $60 million second fund as it expands into full-scale VC
Indiana anchors the new fund with a $15M commitment as the post-October 7 investor backs Israeli startups from Seed to Series B.
Iron Nation, a venture capital fund founded by entrepreneurs Gil Friedlander, Chen Linchevski, and Jason Wolf in the aftermath of the October 7 attacks, has announced the launch of a new $60 million fund. Of this amount, $50 million has already been raised.
The fund was established to support Israeli startups that faced cash flow challenges due to fundraising difficulties and the large-scale mobilization of employees into military reserve duty. The new vehicle will invest in Israeli companies from Seed to Series B stages and has already backed six startups.
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Iron Nation founders Gil Friedlander, Chen Linchevski, and Jason Wolf.
(Photo: Yoav Levy)
The anchor investor in the fund is the State of Indiana in the United States.
In 2024, the firm became one of the most active investors in Israel, deploying its first $20.4 million fund across 24 companies. It has already recorded early success with the exit of Illumex, which was acquired by Nvidia in March 2026, less than two years after Iron Nation’s initial investment.
The new fund will focus on companies with proven products and strong growth potential. While it invests broadly across the high-tech sector, it aims to prioritize advanced technology areas outside traditional capital hubs such as cybersecurity and artificial intelligence, with particular emphasis on medtech, defense tech, and deep tech.
A central pillar of the fund’s strategy is its partnership with the U.S. Midwest, led by Indiana, which aims to create a technological and commercial bridge for Israeli startups. The collaboration includes a $15 million investment from the state, as well as access to local investment opportunities, tax incentives, and Indiana’s broader research and industrial ecosystem.
This ecosystem includes major healthcare and pharmaceutical players such as Eli Lilly and IU Health.
Indiana Governor Mike Braun said: “Indiana is committed to competing and winning in the industries shaping the future. Our partnership with Iron Nation reflects our focus on combining public leadership, private capital, and global innovation to drive long-term economic growth.”
