VentureIsrael is an early-stage venture capital firm investing in deep-tech and machine-learning startups. Pulse 2.0 interviewed VentureIsrael Managing Partner Rafael (Roman) Gold to gain a deeper understanding of the company.
Roman Gold’s Background
Could you tell me more about your background? Gold said:
“I was born in Kyiv, Ukraine and attended one of the first Jewish schools established after the Soviet Union collapsed. I started writing for local publications at age seven and began programming at eleven – eventually combining both passions into my career. While studying Computer Science at Kyiv Polytechnic, I joined an IT media outlet and worked my way from staff correspondent to Editor-in-Chief of a major publication covering enterprise IT innovation.”
“After achieving my journalism goals, I moved to Israel. I spent my first year on a kibbutz, immersing myself in Israeli culture while launching my first startup. I became fascinated by Israel’s innovation ecosystem – after reading Start-Up Nation book, I dedicated every waking hour to understanding how this country built its remarkable tech engine.”
“In 2012, I partnered with Gadi Isaev – who remains my partner to this day – and together with other colleagues, we co-founded Jerusalem Startup Hub, the city’s first coworking space. JSH became a magnet for entrepreneurs, investors, government bodies, academic institutions, and nonprofits. We hosted speakers ranging from then–Mayor of Jerusalem Nir Barkat – a successful entrepreneur and Check Point’s first investor – to Kfir Damari, co–founder of Israel’s first lunar lander SpaceIL.”
“JSH naturally evolved into JSCapital, an investment platform connecting international investors with Israeli startups. We closed dozens of deals and achieved several successful exits.”
“Based on that track record, we launched our fund, VentureIsrael, in late 2020–early 2021. The fund continued our core strategy from day one: investing in Israeli early-stage deep tech startups. Our first fund invested in 18 companies and became one of the top 10 most active Israeli VCs by deal count among 900+ funds in our vintage year.”
“This year, we launched VentureIsrael II with strong support from both existing and new LPs. We remain committed to backing Israeli deep tech innovation.”
Screenshot
Evolution Of The Firm’s Thesis
How has your firm’s thesis evolved over time? Gold noted:
“Our core strategy has remained consistent for over a decade – we invest exclusively in Israeli early-stage deep tech. What does shift is how we execute.”
“Fund I – We launched it at the COVID valuation peak, when cheap capital inflated prices. To preserve discipline we moved down the curve – from late seed/Series A to pre-seed/seed. The pivot paid off: of 18 investments we wrote off only two, secured two exits, and saw aggregate portfolio revenue grow more than 10x in 2-3 years.”
“Fund II – With valuations now rational, we’re targeting “true” Series A. Years of cultivating deal flow give us a rich pipeline, and the current market lets us access these companies at sensible prices. VentureIsrael II is structured as an opportunity fund with a 12–18-month deployment window and a five-year term, plus an extension option.”
“In short, we’re still a micro-index of Israel’s early-stage deep tech – we’ve simply adjusted the entry point to match the cycle.”
Favorite Memory
What has been your favorite memory working for your firm so far? Gold reflected:
“My favorite memories all share the same arc: people telling us our portfolio companies’ ideas are “impossible” – and then watching those same companies prove them wrong.”
“What truly moves me are the human stories behind our investments. When I see real people using our mental health portfolio company’s solution to measurably reduce their chronic stress, anxiety, and depression – that’s what drives me.”
“When our driver monitoring technology actually prevents accidents and saves lives on the road – that’s the real impact.”
“When expectant mothers can monitor their babies with clinical accuracy from home using our FDA-cleared device, instead of spending hours traveling to clinics – that’s why we do this.”
“These are my favorite memories: watching founders transform ‘impossible’ ideas into products that tangibly improve people’s lives. That’s what makes this work meaningful.”
Significant Milestones
What have been some of your firm’s most significant milestones? Gold cited:
“While we can point to standout exits and funding rounds, the milestone we value most is the collective resilience of our ecosystem – founders, LPs, investors, and partners alike. Even in the toughest macro and security environment Israel has faced in half a century, no one blamed the war or the economy for setbacks. Instead, teams worked around the clock to turn headwinds into opportunities, and they delivered. Our portfolio kept growing, and the broader community came out stronger. That shared fortitude is the achievement we’re proudest of.”
Investment Success Stories
Would you like to share any specific investment success stories? Gold highlighted:
“One story perfectly illustrates our approach to building long-term founder relationships. Before launching our fund, we facilitated an investment in fintech startup Splitit, which went on to achieve the most successful Israeli IPO in Australia. We stayed close with the founder, who later launched Wib, an API cybersecurity platform. We became one of Wib’s first institutional investors in 2021, Koch Disruptive Technologies followed in 2022, and F5 Networks acquired the company in 2024. Today, that same founder has joined us as a Venture Partner specializing in cybersecurity – a full-circle moment that demonstrates how we build lasting partnerships.”
“We also excel at identifying companies that bring breakthrough technology to established markets. Take Fincom, which developed a real-time AML sanction screening platform that cuts operational costs by 80%. When we invested, we recognized both exceptional founders and game-changing technology. The market agreed: Nasdaq Ventures led their Series B in May 2025 with Macquarie Group participating. Just two weeks later, Nasdaq Verafin – which provides financial crime management technology to major global banks – announced a strategic partnership with Fincom.”
“These stories showcase what we do best: backing visionary founders with transformative technology, then supporting them through every stage of growth.”
Industry Focus
What are some of the industries that your firm is focused on? Gold noted:
“Our strategy is guided by multinationals’ M&A demand in Israel, so target sectors shift with their priorities. In our first fund, we focused on Cybersecurity, RetailTech, FinTech, FoodTech, and other Enterprise SaaS solutions. For VentureIsrael II, our core areas are AI Infrastructure, Cybersecurity, Developer Tools, and Digital Health. We’ve also reserved up to 30% of the fund for FutureTech areas like space, quantum technologies, neuroscience, and others.”
Differentiation From Other Firms
What differentiates your firm from other firms? Gold emphasized:
“Our key differentiator is deep academic integration. We’ve built a Scientific Advisory Board featuring distinguished professors across diverse fields – from quantum communications to synthetic biology, from chip architecture to new materials.”
“Our board includes remarkable experts like Prof. Simon Litsyn, who co-invented the USB Flash Drive and co-founded StoreDot and XtraLit, and Prof. Shlomi Dolev, who founded Ben-Gurion University’s Computer Science Department and launched multiple successful cybersecurity startups. These are just two examples among many world-class scientists who work with us.”
“What makes this truly unique is how we leverage this expertise. Our scientists don’t just evaluate potential investments – they actively join our portfolio companies as advisors and collaborate with founders for years. This ongoing academic partnership gives our startups access to cutting-edge research and technical guidance that most early-stage companies could never afford.”
“This level of scientific integration is rare in venture capital. It transforms how our founders approach technical challenges and accelerates their path to breakthrough innovations. When you combine Israeli entrepreneurial talent with world-class academic expertise, the results speak for themselves.”
Challenges Faced
What are some of the challenges you faced while working at the firm? Gold acknowledged:
“Our timing has been extraordinary. We launched our first fund during the pandemic and navigated through two major conflicts: the largest war in Europe since WWII and Israel’s most significant war in fifty years. Our second fund opened amid ongoing conflict in Israel and unprecedented global instability.”
“We didn’t need to adapt to these challenges – resilience was already built into our DNA. This isn’t just a talking point; it’s our reality. In fact, I’m giving this interview during an active rocket alert.”
“There’s no secret formula. We simply refuse to let external circumstances dictate our pace. Instead, we’ve learned to work faster, think more strategically, and execute more efficiently. Every crisis has sharpened our focus and strengthened our commitment to backing founders who share this same unstoppable mindset.”
“When you operate in this environment, you develop a different perspective on risk and opportunity. What others see as insurmountable obstacles, we see as the backdrop against which great companies are built. Our portfolio’s performance through these challenges proves that the best innovations often emerge from the most difficult circumstances.”
Future Firm Goals
What are some of your firm’s future goals? Gold concluded:
“We’re focused on expanding our footprint in Israel’s early-stage deep tech ecosystem. This means not just deploying more capital, but diversifying our portfolio across emerging sectors and backing more founders at the frontier of innovation.”
“The timing is ideal. Market conditions favor early-stage investors, our deal flow remains strong, and Israeli entrepreneurs continue pushing technological boundaries despite – or perhaps because of – the challenges they face.”
“Our goal is simple: double down on what works. We’ll keep partnering with exceptional founders, supporting breakthrough technologies, and proving that Israel remains one of the world’s most important sources of innovation. Every investment we make strengthens that position and creates pathways for the next generation of deep tech pioneers.”
