Israel's Finance and Defense ministries selected Adir Capital and Sling Capital to establish venture funds backed by state guarantees, the Defense Ministry announced on September 22. Adir is part of Idan Financial Instruments, while Sling is associated with Giza.
The program seeks to finance Israeli defense technology businesses, particularly activities involving manufacturing and development risks that make private funding harder to secure. The ministry said the managers would complete fundraising and begin operations over the coming months.
The Times of Israel subsequently reported a minimum fundraising goal of $150 million for each fund and state guarantees of NIS 100 million apiece. These are fundraising requirements and guarantees, rather than money already invested in startups.