Varana Capital – an asset management platform specializing in venture capital, private equity, and public markets – announced the successful first close of its Chai 10x Fund. With over $20 million secured and over $10 million of additional commitments, this marks the largest first closing for emergency Israel funds to date.
As part of Varana’s commitment to Israel, The Chai 10x Fund operates with heavily discounted fees, ensuring maximum impact and contribution to the growth and success of Israeli tech enterprises. And Varana Capital’s commitment to this goal is further demonstrated by the personal engagement of their team, who, since the Hamas terrorist attack on October 7th, 2023, have traveled to Israel repeatedly to meet with CEOs, government officials, and senior executives from Israeli financial institutions.
Ezra Gardner, Co-Founder of Varana Capital, recently delivered a keynote address to the Knesset Finance Committee – which sheds light on the urgent matter of the $10 billion deficit in foreign investments in Israel. And this proactive involvement underscores Varana Capital’s dedication to advocating for Israel’s economic prosperity and global competitiveness.
Going forward, Varana Capital plans to exceed their $50 million target for investment in Israeli tech. And subsequent to the oversubscription in investor spots in the initial Chai 10x Fund, Varana Capital plans to launch a parallel fund, providing investors with the same unique opportunity to support the immediate fundraising needs of Israel, while making exceptional investments. Mirroring the Chai Fund, the Parallel Fund will maintain heavily discounted fees for investors and align its portfolio for supporting the same companies.
KEY QUOTE:
“I am very pleased with our first closing and our commitment to the Chai Fund mission: making outstanding investments, while supporting the Israeli economy, particularly during these challenging times. I believe this is truly an opportunity to redefine what ‘doing well by doing good’ means. Please, join us in our mission!”
– Ezra Gardner, Varana Capital CIO and Chai 10x Fund Portfolio Manager
