The Israel Innovation Authority announced a new fast-track program worth 1 billion shekels for startups and early-stage growth companies with less than 12 months of runway, affected by the rapid strengthening of the shekel. The program provides grants of up to 15 million shekels to extend runway by six months, conditional on complementary financing from equity, loans, or revenue. Applications are open from today, according to a report by N12.
The Israel Innovation Authority on Sunday launched a 1 billion shekel fast-track program aimed at startups and early-stage growth companies struggling with a shortened cash runway due to the rapid appreciation of the shekel. The program targets companies with less than 12 months of runway and offers grants of up to 15 million shekels to extend it by six months, provided the company secures matching funding from a capital raise, loan, or revenue. Applications are open immediately, according to a report by the N12 platform. The initiative reflects growing concern over the impact of the shekel's strength on Israel's high-tech sector, which has seen reduced investor appetite and tighter financing conditions. The Innovation Authority's move is seen as a targeted intervention to prevent a wave of early-stage closures, though the program's effectiveness will depend on the availability of complementary financing in a challenging fundraising environment.
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