97212 Ventures

Rebranding is always a difficult task for a startup. It’s also a sign of maturity, fast growth, and recognition. Our portfolio company Beti has gone through this process over the past few months, as they scale the business in the US and globally. They are now BiltOn. Congrats to the team! Alongside this rebranding, the team has successfully secured $15 million in Series B funding to help enhance construction operations & risk management software, and reduce insurance claims. The round was led by PSG Equity, with participation from Titan Capital Partners and 97212 Ventures. 97212 was the first investor in the company, and we’re so proud to be a part of the company’s journey as they develop into a market leader in the general construction industry. Omer Slavin Shir Mautner Dekel Schwarzmann Asaf Guter Ronen Nir Lior Barak Daniel Ben-Amram Ben Topor Calcalist כלכליסט CTech by Calcalist #venturecapital #nyctech #foundersjourney https://lnkd.in/eJrBHWM3

My daughter just started high-school this year, so it’s inevitable that we’re starting to think about college. Many of our friends are going through the college application process with their kids now, and they can’t complain enough about the high tuition, and other costs related to sending their kids to college (average is around $80K-$100K per year). Check out this stat about unicorns founded by founders receiving their undergraduate degree outside of the US. Not surprisingly, the top 3 non-US schools are all from Israel: 1️⃣ Tel Aviv University: 28 founders 2️⃣ Technion - Israel Institute of Technology: 26 founders 3️⃣ The Hebrew University of Jerusalem: 21 founders The cost for an Israeli citizen to attend these schools is about $4K-$5K per year. That’s around 5% the cost of going to school in the US! Even if you joined one of the international programs at these schools, you’d pay a fraction of the cost compared to the US. So... if it gives you the same shot of building a unicorn, why don’t more kids go to college internationally? After all, the world is global and many value the experience of being away from home. One thing is for sure, the drive of Israeli #founders, combined with their high level of education will continue to drive success and create more Israeli unicorns. Mark my words :-) (A big thank you to Rubén D. for sharing this information, and to Ilya Strebulaev for compiling this data.) #startupnation #mondaymotivation #venturecapital

Shameless self-promotion alert 😁 It’s quite hard for fund managers to talk about their fund, but in today’s busy market it’s part of the game... For me, it’s always about letting #founders talk about our work rather than us praising ourselves. Recently, I got the chance to chat with Pulse 2.0, where I had the opportunity to discuss 97212 Ventures, our mission, and our commitment to investing in top early-stage Israeli startups with a New York state of mind. At 97212, we’re all about moving early-stage Israeli #startups from zero to one, while working hard with Israeli founders on building their businesses in the US and unlocking their full potential. It’s a long journey, and we love being there at the earliest stages to help founders crawl, walk, and run. More about the evolution of our fund, and what makes us tick below. #foundersjourney #venture capital #nyctech

OpenAI, fresh off a $6.6B funding round, is expanding its footprint with a new outpost in NYC. This move signifies the growing potential for #AI startups in the city. For Israeli #startups looking to land in New York, this is an opportunity to be aware of. Attracting a global giant like OpenAI reinforces New York’s status as a leading hub for prime tech talent. This is yet another big moment for NYC tech. It almost reminds me of the time Google expanded to the city back in the day. A real game changer - more great talent flocking to the city, more (empty) offices being filled, more events, happy hours, etc. New York offers a diverse talent pool, proximity to customers, and a thriving tech ecosystem. This is a real opportunity for Israeli startups to leverage those opportunities in order to drive growth and make their mark on the global tech scene. 97212 Ventures #venturecapital #generativeai #nyctech

October 7, 2024. A year full of pain... of courage... of sorrow... and of hope. Still, it's so hard to believe that it's been a year since the unbelievable and unbearable attack by Hamas on Israel, and on humanity. October 7th is Israel's September 11th. But with one very big difference... it feels like that many in the world are supporting the wrong side. The side of the terrorists. For me, that's one of the most devastating results of this terrible war. Israel is not free of mistakes. Our government is not helping our cause given how radical many of its members are. It should be replaced ASAP. And yet... if you believe in democracy, kindness, freedom, innovation... if you believe in peace... come and help us build a better world. Because if we learned anything from the terrible events of October 7th, it's that we can't take anything for granted anymore. #october7th #israelunderattack #israelunderfire

I had a totally different post for Rosh Hashanah ready to go yesterday… and then, it became completely irrelevant... Thanks to Iran and its vicious missile attack on Israel. As we head to our dinner table this evening to celebrate Rosh Hashanah and the Jewish new year, many thoughts are crossing my mind... I think about the wide-reaching impact of October 7th on the world we live in, and how devastating it is for so many people in Israel and the entire Middle East. I think about the hostages and their families. The young people losing their lives at the Nova music festival… and our brave soldiers protecting our country. And yes…. the suffering on the other side as well. The saying “we live in an imperfect world”, couldn’t be truer now. But I’m also optimistic about the future, and grateful for the unconditional trust and support I’m getting from the 97212 family - our amazing LPs, our resilient founders, my phenomenal partners who I learn from every day, and our entire tech ecosystem. If we needed any more proof that Israelis, and Israeli founders in particular are made differently, we saw it in full display over these past 12 months. The future is bright, and there is no doubt in my mind that we’re going to see a lot of new innovation and a ton of success stories forming over the coming years. Technology will keep moving forward... But it’s the level of execution that separates Israeli startups from the rest of their peers. They excel at that. With the Jewish new year upon us, I wish everyone a year of peace, a year of health, success, creativity and new beginnings. I can’t wait to back more Israeli founders as we continue to build 97212 Ventures from the ground up, and hope for better days for all of us. Shana Tova. #newyear #israelunderfire #venturecapital

I spent the past week in Israel, meeting with founders, fellow VCs, and other stakeholders from the Israeli tech scene. I must say, given the developments of the past few days, it feels like a lifetime ago... but I still have some insights I thought I’d share: The #venture scene is super competitive. There are fewer new deals/startups, but the quality of founders launching new companies is much higher and as such, they command lots of interest from Israeli and foreign VCs looking for great opportunities.  Israeli #founders are resilient. I mean, show me one other country in the world where bombs are going off left and right and founders and employees are working around the clock to make sure customers, partners, and investors would never feel the impact of that. So much respect for Israeli founders. That said, I don’t think this is sustainable... we need the war to stop and to get back to normal. Not going to get into politics, but people are tired. We had enough. There is chatter about people leaving Israel, especially founders and executives who are able to relocate to the US and take a “break” from life in Israel. Long term, I think this is dangerous for the ecosystem. It’s starting to feel like companies are getting funded outside of cyber, especially ones who are able to get to product-market-fit (PMF). I also see a lot more AI/Gen AI startups with clear use cases taking off, which is great to see. Lastly, a recent report shows that Israel's tech sector continues to show resilience and attract venture funding despite ongoing challenges, but we need regional stability to not risk losing it. Pretty much, what I witnessed last week in Israel. Let’s continue innovating, and hope for better days for everyone seeking peace. 97212 Ventures #venturecapital #startupnation #israelunderfire

What an insightful panel discussion on how enterprises are using and buying Gen AI. Some of my takeaways from the evening:  The upcoming Nvidia earnings report is expected to shed light on the current state of #AI. #Startups are still struggling with the challenge of developing compelling use cases for AI. The focus should be on identifying and addressing the immediate pain points of customers… and in particular, Vertical AI. Industry-specific solutions seem to have an edge over horizontal AI platforms at this point in time. Privacy and data security are still big concerns for enterprises when it comes to AI. Startups need to pay close attention to data flows and the security of data, but unfortunately, many AI startups fail to launch due to these challenges. It's also important for startups to have a champion within the organization who can educate others about the benefits of their solution. While AI promised to lower costs through automation, the actual revenue savings from the use of OpenAI and Anthropic have been limited so far. What this means for startups is the need for them to focus on the customer's pain point and provide solutions that offer tangible benefits. As the AI landscape continues to change, startups which can effectively address these pain points could be well-positioned to succeed. I’m grateful to all the founders, investors, and ecosystem partners from NYC and Israel who joined us in person (and online) for an evening of learning and networking. Thank you to our speakers Daniel Chesley at Work-Bench, Tzveta Raynova, Enterprise Executive and former Director of Business Development at Comcast, Jordan Elkind from Blue Seedling.... and Tiernan Ray for moderating. A shout out to Netta Kivilis from Blue Seedling for collaborating with me, Anat Katz from the Israel Economic Mission to the USA - East Coast for attending, and Eyal Peled from Greenberg Traurig, LLP, for hosting this event. Looking forward to seeing what Israeli startups have in store once fall arrives in a weeks’ time! 97212 Ventures #venturecapital #nyctech #artificialintelligence

Today! Excited to co-host a panel discussion on how enterprises are buying and using Gen AI with my good friends Netta Kivilis and Eyal Peled. The event is SOLD OUT! We’re fortunate to have an amazing panel share their perspectives on the topic, and the panel includes Daniel Chesley at Work-Bench, Tzveta Raynova, an Enterprise Executive and former Director of Business Development at Comcast, and Jordan Elkind at Blue Seedling. The event will be moderated by Tiernan Ray, a tech reporter for ZDNET, and I expect a lively discussion on the evolution of Gen AI and the role it plays with enterprises. For those who cannot attend in person, you can join this important conversation via Zoom by clicking below, starting at 6:45pm ET. See you soon! 97212 Ventures #generativeai #nyctech #startupnation

Excited to partner with my good friend Netta Kivilis and Blue Seedling for an exclusive event at the iconic One Vanderbilt building in NYC. Blue Seedling + 97212 Ventures present: How enterprises are buying and using Gen AI As Gen AI is getting adopted more by larger enterprises, there are definitely some questions on how to sell to larger customers, what value they are looking for, and whether being a small startup is an advantage or disadvantage. We’re fortunate to have an amazing panel of #investors, executives, and domain experts share their take on the topic. Join us for thought-provoking conversations with like-minded #founders and professionals from the New York and Israeli tech communities. Make sure to register today as we have limited seats available. Daniel Chesley Tzveta Raynova Jordan Elkind #nyctech #venturecapital #generativeai