Startup Nation rallies for child survivors of October 7 with tech stock fund
Startup Nation rallies for child survivors of October 7 with tech stock fund
The goal is to secure stock donations from 100 Israeli tech companies by the end of 2024 which will convert to cash during liquidity events, exits, and IPOs.
Secondary market technology platform Valoo has announced the launch of a fund assembled with a portfolio of private companies to provide support for the child survivors of the October 7 attack by Hamas. The fund, which operates in collaboration with the social fund ‘Tmura’, will distribute cash continuously over the next 10 years to the children impacted by the October 7 war.
To date, the fund has raised roughly $20 million in stock donations from shareholders of Israeli tech companies in fields such as cybersecurity and AI. The goal is to secure stock donations from 100 Israeli tech companies by the end of 2024. So far, companies whose shares have been donated include eToro, Via, Zesty, Reflectiz, Neuroblade and others. The initiative also receives support from LeumiTech, Israeli law firm Meitar, and PwC.
These shares will convert to cash during liquidity events, exits, and IPOs, with the funds distributed to organizations supporting thousands of affected children with educational, economic, medical, and other needs providing them with financial support in the short, medium, and long term through different stages of their lives. The fund will use Valoo's data model to enhance the value of the donations with the hope of increasing their impact.
"We thank all the early donors who trusted this important project. After October 7, we looked for a way to help and realized we could contribute Valoo's technology to create a new donation channel where the entire Israeli tech sector can contribute, leveraging the unique value it generates,” said co-founders Adi Weitzhandler and Meir Steigman. “The recipients get an asset with increasing value that can be converted to cash according to their needs. We have created a new fund for those who care for children and their needs, financing necessities like mental health treatments, basic needs like housing and food, and even scholarships. We are happy that those who want to donate can make a significant impact and help the children."
The managing committee includes notable figures such as entrepreneur and venture capitalist Eyal Gura, who developed the idea for the initiative and collaborations within the fund. Other members include social entrepreneur Adi Altshuler, Avner Stepak, owner of the investment house Meitav, and additional managing partners of Israeli venture capital funds. Community O accompanies the fund's activities with additional organizations contributing their expertise pro bono, including the law firm Meitar, Avi Neuman with PWC, and LeumiTech led by Maya Eisen-Zafrir.
