Shoshanna Solomon is The Times of Israel s Startups and Business reporter
Maserati 3500 GT oldsmobile vintage car preparing for Saalbach Classic rally on June 21, 2018 in Saalbach-Hinterglemm, Austria (josefkubes; iStock by Getty Images)
The Israel Innovation Authority, in charge of fostering the nation’s tech ecosystem, has signed an agreement with an Italian unit of multinational automaker Stellantis NV to cooperate in technological innovation that will help grow Israeli firms and boost the firm’s tech prowess.
The accord was signed with FCA Italy S.p.A., a subsidiary of Stellantis. The automaker designs, develops, manufactures, distributes, and sells vehicles and mobility solutions. Its portfolio of vehicles includes iconic automotive brands such as Jeep, Alfa Romeo, Maserati, Fiat, Dodge, Opel, Peugeot and Citroën.
Illustrative image of a baby s first steps (NelliSyr; iStock by Getty Images)
The Israel Innovation Authority, in charge of setting out the nation’s policies for the tech sector and fostering the startup ecosystem, has set up a new NIS 80 million ($25 million) fund to encourage investments in early-stage companies that are facing a funding squeeze, in a bid to boost the number of new startups.
Grants from the fund will be given to startups that team up with veteran investors, the authority said in a statement on Wednesday.
Since 2017, there has been an average annual decrease of about 25% in the number of startups being formed in Israel, a negative trend that has intensified against the backdrop of the coronavirus crisis, the authority said in the statement. The objective of this new program is to help seed-stage startups in high-risk fields attract investors and grow.