George Djuric, a venture capitalist from Portland, Oregon, felt the need to travel to Israel, which is 7,000 miles away, during the conflict with Hamas and show his support for the country’s technology industry.

Djuric, chief technology officer at yVentures who arrived in the United States as a 3-year-old refugee from Bosnia during the Bosnian war in the mid-1990s, this week joined some 70 other U.S. tech executives and investors on a trip to Israel.

“He expressed that visiting this place offers an opportunity to show support for Israel and its thriving tech industry, which ranks as the world’s second largest after Silicon Valley. As a technology fund, it is logical for us to be present here.”

Despite not being of Jewish descent, Djuric expressed that he was attracted to Israel because of its strength to overcome challenges. His family’s perspective was heavily influenced by their experiences during times of conflict.

He expressed shock at the events of October 7 and was equally shocked the following day when he witnessed people demonstrating in support of the attack on Israel by Hamas.

Experts and financial analysts had forecasted that the dispute with the Palestinians would jeopardize a delicate rebound in the high-tech industry, which makes up over 50% of Israel’s exports and almost 20% of its total economic output.

Funding had decreased significantly due to a worldwide decrease in economic activity and a controversial restructuring of the government’s judicial system before the economy was further impacted by the war. Initially projected to grow at a rate of 3.4% this year, growth is now expected to be around 2% and the future outlook remains bleak.

A minimum of 15% of the technology workforce has been summoned for military reserve duty.

Although the war continues to rage on, investments in technology are still being made, although at a reduced rate. In 2023, startups have secured over $6 billion in funding, a decrease from the $16 billion raised in 2022.

On Tuesday, ScaleOps, a startup specializing in cloud resource management, announced a $21.5 million funding round. Last week, cyber startup Zero Networks, which prevents attackers from spreading in corporate networks, raised $20 million.

I have a positive outlook for Israel in the long run.

Ron Miasnik, from Bain Capital Ventures and co-organizer of the delegation, anticipated that Israeli startups would continue to receive significant funding. He remains optimistic that the country’s economy will eventually recover.

The length of the economic recovery in Israel, whether it be three, six, nine, or 12 months, does not concern us,” he stated. “We have a positive outlook on Israel in the long run.”

Miasnik stated that the inspiration for the journey came from observing other groups focused on solidarity, particularly those with religious affiliations. He also noted that the technology and venture capital industry in the United States, which has strong connections with Israel, was not adequately represented.

At first, the plan was for only 15 individuals, but according to him, there was a large number of people who expressed interest. These individuals consisted of CEOs and high-level leaders from American tech and venture capital organizations listed on Meetup.com, as well as from Apollo, TPG, Susquehanna Growth Equity, Mastercard, John Deere, and Harvard University’s investment fund.

Furthermore, they had the opportunity to connect with investors and entrepreneurs in the area, as well as meet with Israeli officials and families of individuals who are still being held hostage in Gaza. They also visited border towns that were affected by the October 7th attack.

Bain has made several investments in Israel, such as Redis Labs where the company has put in over $100 million, and Armis, a cybersecurity company. Miasnik expressed a desire to further expand their portfolio with additional Israeli cybersecurity startups.

Danny Schultz, the managing director of Gotham Ventures in New York, expressed his interest in investing in 10 to 20 Israeli growth stage startups over the course of the next three to five years. His focus will primarily be on fintech companies.

According to him, when Israeli CEOs require additional funding, they also require connections in the United States and Europe to effectively grow their businesses.

Joy Marcus is a co-founder of The 98, a VC fund that exclusively invests in “women-led technology businesses that are disrupting industry.”

She expressed that the war has caused her immense suffering. Therefore, her primary focus is to show her support for Israel. Additionally, she is keen on financially investing in Israeli women.

Source: voanews.com