Israel Tech MatchMaker’s new AI tool connects investors with companies
Israel Tech MatchMaker’s new AI tool connects investors with companies
The initiative creates “Tinder-like” matches between parties that wish to collaborate amid the war with Hamas.
Good Company, a VC that invests in early-stage purpose-driven companies, has revealed a new tool in partnership with Poalim Tech, KPMG, and BCLP to help connect investors with Israeli-founded companies. Israel Tech MatchMaker uses artificial intelligence to match those who may be a good fit and help kickstart an ecosystem that has been affected by the ongoing war with Hamas in Gaza.
“We thought about how we can help and leverage the things we have in the fund to really win against Hamas, which is not just fighting on the battlefield,” explained Ido Fishler, Managing Partner at Good Company. “Their sole purpose is to terrorize the other side. Israel will not be eliminated because of Hamas, but they can hurt our economy… If they can damage that, then they’ve won. That’s the reason we're doing what we're doing.”
Israel’s Startup Nation accounts for nearly 18% of the country’s GDP and employs 12% of the entire workforce. However, a massive 70% of high-tech companies have reported difficulties in their operations due to IDF reserve call-ups. Several entrepreneurial initiatives have arisen in recent weeks to help both Startup Nation and families who have been affected, trying to reduce the economic and social tolls that war can bring.
Israel Tech MatchMaker is open to startups, investors, and corporates looking to find business opportunities that can continue to drive Startup Nation. Participants are invited to submit relevant forms with the necessary information, and then an AI-powered tool matches suitable companies and investors together. If both parties accept the proposed partner, they “match just like Tinder” and both receive an introductory email to one another.
In two weeks since the launch, the MatchMaker tool has been used by 62 companies, 43 VCs, and 10 corporates, with more than 1,000 matches leading to dozens of introductions. Currently integrated within the Good Company website, it will soon move to its own URL and operate independently.
According to Fishler, the conversion rate so far is roughly 15-20%, in line with regular real-world situations. “It is a matter of time before we get the first email that says they closed and signed the term sheet based on the matchmaker,” he said. “We know from our portfolio companies that sign up that they actually already arranged meaningful meetings that they initiated from the MatchMaker. It works.”
Good Company was founded as a mission-driven VC that invests in technology companies designed to generate impact and purpose. “Our focus is on major issues of humanity and environment,” explained Managing Partner Shahar Botzer. “We believe the purpose of technology and innovation is to improve our lives on this planet for our children.” Its first Fund in 2020 is “looking very good by any parameter” and portfolio companies include BeeHero, Healthee, and Tulu, among others, each established to solve existential problems in the world.
“Israel is building, it is trying to make the world a better place,” Fishler added. “This will be our victory. [Hamas] is trying to destroy, they’re glorifying death, destruction, and murder and rape. Israeli culture glorifies solutions for diseases and global climate change. It is the light versus darkness. We need to make sure light prevails.”
Israel Tech MatchMaker is entirely pro bono and designed to quickly address the needs faced by companies that are in need of funding. “I think it's part of the whole movement of delivering no matter what,” Botzer concluded. “We are part of it. If [the ecosystem] won’t wake up and show that we are working as usual, and delivering and investing in Israeli startups, we cannot expect anyone else to do it. It allows us to sleep well at night.”
