Samsung Next shutting down Israel operations
Samsung Next shutting down Israel operations
The innovation arm of technology giant Samsung has invested in 70 Israeli companies to date. “Although our physical presence in Israel will cease, we remain committed to investing in the region and encouraging referrals from builders and founders,” Samsung Next’s Tel Aviv office wrote in an email
Samsung Next, the innovation arm of the technology giant Samsung, is shutting down its operations in Israel, the fund announced on Tuesday. The fund, which invests in early-stage companies, will change its work model and move all of its activities in Israel overseas.
Samsung Next is headquartered in California, with offices in Korea and Israel. The innovation arm was established to help Samsung Electronics identify new growth opportunities.
In Israel, most of its activity is focused on the investment fund that locates startups and local developments that could be financially successful and meaningful for Samsung.
An email sent out by the staff members of the fund in Israel, headed by Vice President and Managing Director Eyal Miller, read: "Today, I am sharing the news that Samsung Next has made necessary organizational changes in the Tel Aviv office to consolidate its activities. Israel remains an attractive market for Samsung Next, and the existing relationships with partners and portfolio companies will remain unchanged. This decision, although difficult, does not diminish the achievements we have accomplished together for almost a decade. We have invested in 70 companies, carried out collaborations between Israeli startups and Samsung, and cultivated - thanks to your unwavering support - a community of builders, founders, and investors in Tel Aviv and abroad. Our team will be transitioning our roles from Next through the fall in an effort to seamlessly align our work and relationships with the U.S. team and address the essential operational requirements of an office closure.
"For you and your teams, I would like to emphasize that Samsung Next remains a supportive investor, and the U.S. team will continue to provide resources and advice. Although our physical presence in Israel will cease, we remain committed to investing in the region and encouraging referrals from builders and founders. This is an outcome we could not have predicted, and our main priority right now is to ensure your success in the future."
