97212 Ventures is a seed fund exclusively focused on investing in top early stage Israeli startups committed to building category defining companies in NYC. Pulse 2.0 interviewed 97212 Ventures founder Eyal Bino to learn more about the firm.
Eyal Bino’s Background
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What is Eyal Bino’s background? Bino said:
“I’m Israeli, born and raised. I came to the US after my army days when I was about 24, to go to school here. I received a scholarship to go to a school in New Jersey to play on the college basketball team, and studied communications. After I graduated, I started my career in media running production for CBS News Radio.”
“After that I attended NYU for my Master’s in business and politics. From there, I did business development for a NY-based company in the e-learning space for a few years. But I always had the entrepreneurial bug, and wanted to build my own platform, helping founders tap into the New York ecosystem. Initially, I started with helping founders from all over the world to expand to NY, moving from wherever they were, to New York, and closing the gap between seed and Series A.”
“Doing that, I realized that my passion was to work with, and invest in, Israeli companies. So, in 2015, I co-founded ICONYC Labs, the first accelerator and go-to-market partner for Israeli startups looking to expand to New York. We invested in about 10 companies a year. In five years, we invested in about 50 companies, giving them a small check, space, and putting in a lot of hard work, sweat and tears so they can build a global company.”
“We helped our founders build their companies here in New York. Our companies raised hundreds of millions in venture capital, employing hundreds of employees and creating significant shareholder value. I believe this period of time truly helped me understand what it means for an Israeli company to expand to New York in the early days, and what it means to close a startup’s first customer. Also, what it means to hire the right talent, at the right time, in New York.”
“This experience also helped me understand what it takes to stand out and become a thought leader in New York-Israel tech. So, in 2022, I took it to the next stage and founded 97212 Ventures, which is a go-to-market VC investing in pre-seed Israeli startups looking to expand to New York, and as such, helps them build their go-to-market strategy.”
“By helping Israeli founders take their first swings in the US, and specifically in New York, we help them close their first US customers, hire the right talent, and get into the first channel partner. This means being their trusted partner and advisor who doesn’t just write a check, but truly becomes part of the company in the early days until they’re able to take off.”
Evolution Of 97212 Ventures’ Thesis
How has your thesis evolved over time? Bino noted:
“I think when I started investing in 2015, a lot of it was about finding interesting markets, where we felt the technologies of Israeli founders and startups would be able to be adopted pretty quickly. I think over time we realized it’s not just about the ability to build an interesting technology, but about the ability to build a business.”
“So over time, we looked for founders who are not just great technologists, but also founders who are able to build a business, understand the idea of hiring the right talent, and telling the right story. This also means being very collaborative when it comes to building the company, and creating a culture for success and inclusiveness where everyone feels included and driven.”
“We’re all about truly building a global company from day one.”
Favorite Memory
What has been your favorite memory when building your fund so far? Bino reflected:
“I think for me my favorite memory while building the fund was doing the first close, and how it became real. A first-time fund is very hard to raise and very hard to build. So, for me, a special moment was getting the trust of family, friends, and other LPs who came in for the first close to basically say, “we believe in you, we believe in the mission of the fund.”
“By supporting me, they showed that they wanted me to be successful, and that they’ll do whatever it takes to help me succeed. This was one of the best moments since we started 97212 Ventures. “
Significant Milestones
What have been some of the fund’s most significant milestones? Bino cited:
“For us, one of the milestones has been the ability to build a coherent team where we have a formula that works for us. We have a senior advisor in Israel, Amit Maimon, who helps us with vetting opportunities, meeting with founders and fellow investors, and forming our fund strategy. With me in NYC is Ronnie Lavi, who is running our value creation post investment and works closely with our founders.”
“Our third team member is Vams Sistlai, who helps us run the fund, given his experience as an LP in about 10 funds in the US. The other milestone is that we’ve not just invested in companies, but worked with them to build a business and reinvested in their follow-on rounds.”
“The fact is that we are able to invest in a company and then a year or two later, reinvest as the company grows. It’s validation that what we’re doing has true meaning and creates an impact for companies and investors alike. The other piece is the fact that we built a vibrant community of founders, investors, LPs, and thought leaders who believe in the mission of the fund, and come together to our events.”
Investment Success Stories
Are there any specific investment success stories? Bino highlighted:
“We have quite a few even though it’s been relatively a short period of time since we launched. Beti is a construction tech company in which we were the first investor about 18 months ago, alongside PSG Equity. They recently closed another round. The company’s CEO moved to New York about a year ago, which helped scale the business. The team has grown in tens of employees over the last year, and has doubled in revenue. We’ve been able to help them grow by connecting them with the right customers and investors.”
“Another one is Remepy, a healthtech company that recently announced a $10 million round led by NFX. We were very early investors in the company, and supported the team as they grew the business. Now the CEO is moving to New York in September. This follows the model where we invest early, help the company grow, and then they open an office here in New York. We have quite a few other companies, but I’d say those are the two most meaningful ones.”
Industry Focus
What are some of the industries that your fund is focused on? Bino noted:
“We have three main areas of investment that we follow. One is enterprise tech; enterprise software, dev tools, and infrastructure. These are areas we know very well, and where Israeli founders have excelled in over the years when building interesting technologies.”
“The second one is healthtech, and that includes areas in AI, remote patient monitoring, patient engagement, and bio. We believe that some of those areas can be disrupted.”
“The third is digital transformation. That includes proptech, fintech, and logistics, as well as areas that need to be modernized that have traditionally been operated through Excel, or via pen and paper.”
Differentiation From Other FIrms
What differentiates 97212 from other VC firms? Bino affirmed:
“What differentiates us is the fact that we are one of the very few VCs in New York which invests solely in Israeli companies. I think the other piece is the value we bring to founders, the focus on moving the company from zero to one, and the idea that we help our companies get to their very first wins in the US.”
Challenges Faced
What challenges have Bino and the team faced in building the company? Bino acknowledged:
“I think one of the big challenges is resources. It’s a small fund. We don’t have a lot of team members. So, we have to be very scrappy. One of the challenges is that over time we have more portfolio companies, and it’s hard to scale. “
“Without more full-time people in the fund, how do we overcome it?
By being scrappy and innovative. We use our network of LPs, and the work of our venture partners. We try to use our networks to help us with dealflow, tapping into our VC network in Israel and New York, and tapping into our founder network.”
“Those are real challenges. With Fund One, we know that the only way to get to Fund Two is to show real differentiation and value for both founders and LPs. We also have to show that we are able to build something that can scale over time. For now, we’re building the foundation for a fund and a platform that can hopefully become the go-to fund for Israeli founders looking to build a business in New York.”
Future Goals
What are your future goals for the fund? Bino concluded:
“The future goal for the fund is to become a top tier fund that every Israeli founder who wants to build a business will look to as one of the first checks they want to have on the cap table. This is the biggest mission… to be the go-to fund for Israeli founders at the earliest stages who are looking to build a global business.”
“Specifically in the US and New York, I think the other one is to be able to scale the fund over time while keeping the personal approach and boutique idea behind the fund. We do not want to be a Sequoia, or Andreessen, or General Catalyst, which are obviously amazing funds. We want to be a fund that’s going to be a partner, now and in 10 years, and be one where we can serve every founder in the most personal way.”
