RealTime IT News

Garage.com Looks to Invest in Israel

Venture capital firm Garage.com has decided to set up shop in Israel, calling the move the first of a series of new market expansions.

Guy Kawasaki, Garage.com's chief executive officer, called Israeli startups "among the best in the world today." The new office is part of a new global strategy based on incubating new ventures into mature, successful entities around the globe, Kawasaki said.

Israeli newspaper and online news site Globes Arena reported Thursday that Kawasaki is expected to examine 15 Israeli startups in January and will choose seven to 10 of these as recipients of a Garage.com investment. According to the report, the Israeli branch has chosen three companies thus far for incubation by Garage.com.

Gideon Marks, former chief financial officer of the Rad Group, will direct Garage.com's efforts in Israel.

"Garage.com is well positioned to add considerable strategic value to Israeli high technology companies through its entrepreneur development services and unparalleled contacts into the U.S. venture finance community," said Marks.

Since the beginning of the year, Garage.com has helped 27 startups close on more than $83 million in financing, including iCopyright, Korobra, Tripwire Security Systems, Startups.com, Virtualis and WebOrder.