TEL AVIV, Sept 13 (Reuters) - The European Investment Fund (EIF) said on Thursday it was making its first ever equity investment in Israel with a $20 million investment in the ICV III venture capital fund.
The investment is a benefit of Israel’s participation in Horizon 2020, the European Union’s framework programme for research and innovation, the EIF said.
ICV’s third fund will invest in Israeli seed and early stage companies developing software, hardware and infrastructure innovation in the areas of resource efficiency and sustainability.
The fund, it said, will target companies promoting ways to modernise industries, particularly those that have been slow to adopt new technologies.
ICV is in the process of raising $75 million for the new fund, which it expects to complete in the next few months. ICV has invested over $150 million from its first two funds. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)