Call for Proposals for the Establishment of 3 Angel Investors’ Clubs
Deadline for Submission:28/02/2024
The Israel innovation authority is announcing a competitive call for proposals for selecting up to 3 concessionaries for the establishment and operation of up to 3 establish and operate a club of private investors (angels), to invest in technology companies operating in high-risk fields and investing in pre-seed and seed stages.
The main purpose of the Angels’ Club is to expose potential private investors to Israeli startups with technological innovation in various technological fields, and to provide these startups with assistance in the process of examining the investments and managing the investments, as well as to expand the number of investors who are members in each one of these clubs.
What will the Angels’ Clubs do?
The purpose of this program is to encourage the establishment of new private investors’ clubs (angels), for investments in start-up companies, which conduct fundraising rounds in the pre-seed and seed stages, thereby increasing the amount of investments in these stages in the State of Israel as well as the number of entrepreneurs and Venture Capitals with high technological innovation that are established and raise capital in Israel.
Who can apply for a concession?
Venture Capitals, Entrepreneurs, Investors
What can you get?
The grant money that a franchisee will receive, as mentioned above, will be used, among other things, for the purpose of establishing the club and recruiting experienced investors to its ranks from a variety of fields, who will contribute their experience and expertise; employment of the club manager; Contracting with suppliers who will provide due diligence services and legal, financial and tax services for the investment needs of the private investors in the start-up companies; as well as business and strategic partnerships with investors, with the high-tech industry and with the Israeli academy.
The winners of the competitive procedure will receive support for the establishment and operation of the club for a period of 3 years, and for each of the years of activity they will be entitled to a grant of up to 900,000 NIS, and a total of 2.7 million NIS for each winner.
- The bidder is a corporation legally registered in Israel and operates in accordance with the laws of the State of Israel.
- The bidder is a club manager intended to be employed full-time, with relevant experience.
- The offeror and its controlling owners meet the requirements of the regulations for the encouragement of research and development in industry (conditionality of approvals – minimum wage), 2011-2011.
- The offeror or the substantial partners in the offeror do not have restricted accounts and are not in the process of receivership, freezing of proceedings, liquidation, etc.
- In order to carry out the proposed activity detailed in the proposal, no financial assistance was received from a government agency or the Innovation Authority, directly or indirectly, other than according to the provisions of the program and the relevant sub-program.
- The bidder’s business plan.
- The scope and quality of the experience of the bidder and/or the partners in the bid.
- The added value of the bidder and the partners in the bid
- The scope and quality of experience of the proposed club manager.
- Funding sources.
- General impression of the committee members.
The deadline for submitting clarification questions is January 8, 2024
Should there be special circumstances that justify this, the Innovation Authority reserves its right, at its sole discretion, to respond to questions submitted after this date.
For full details on the incentive program and its sub-program, the procedures and the appendices to the competitive procedure in Hebrew, click here
- January 8, 2024, 14:00 ILT – last date for submitting questions for clarifications.
- January 15, 2024 – publish answers for clarification requests.
* please note, the answers will be an integral part of the competitive proceeding