Leadership of the venture capital firm Insight Partners pledged Monday to donate $1 million to humanitarian aid work in the wake of attacks on Israel, adding to a chorus of relief efforts from the US startup world.
(Bloomberg) — Leadership of the venture capital firm Insight Partners pledged Monday to donate $1 million to humanitarian aid work in the wake of attacks on Israel, adding to a chorus of relief efforts from the US startup world.
New York-based Insight Partners, which also has overseas offices in Tel Aviv and other cities, is one of a handful of venture capital firms and investors that plan to donate money for humanitarian work. In a series of social media posts, the firm said it “has been a steadfast supporter of the Israeli high-tech ecosystem since 2004, and we are deeply saddened by the attacks that have affected our colleagues, friends, and innocent civilians.”
Another firm, General Catalyst, said in a statement that it was working with its portfolio companies based in Israel, and that it had dedicated $250,000 to humanitarian work on the ground. Individual VCs have also pledged donations — including Matthew Ocko, a co-founder at DCVC, and Erica Brescia, a managing director at Redpoint Ventures — who said publicly that they would give money to first responders in the region.
Silicon Valley has long had a close relationship with Israeli tech startups, which include many companies worth more than $1 billion. However, funding for startups in the country has slumped this year. Israeli tech startups raised $1.7 billion in the third quarter, 40% less than the year-earlier period, according to a report by the Israel-based Startup Nation Policy Institute.
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