A new investment fund in China is aiming to help investors direct venture capital to Israeli start-ups. The Times of Israel reports:
One of the biggest microcredit and wealth management firms in the world, CreditEase China, is actively seeking out investments in Israel. CreditEase has partnered with veteran investors in Israel Tayman Kan and Benjamin Weiss to establish the CreditEase Israel Innovation Fund (CEIIF), its first Israel-focused venture-capital/private equity fund.The fund has raised $30 million so far. And the story of how that money was raised is a testimony to the enthusiasm for and confidence in Israel in China’s investment community, said Benjamin Weiss, who along with fellow investor Tayman Kan is managing partner of the fund.“We raised the money for the fund in mid-August, during what was the worst week for the Chinese economy in many years,” said Weiss.
Thirty million dollars is not a huge sum of money for a venture capital fund, but this fund is more evidence that Chinese investors are still directing resources to Israel as they pull back in emerging markets around the world. It’s a promising sign for Israel that money continues to flow into the country despite global economic uncertainty and some rather restive neighbors. Meanwhile, Boycott, Divestment, Sanctions activists in the West should take note: Beijing apparently never got your memo.