The reputations of Hebrew University and Hadassah Medical Center are expected to attract private investors as limited partners.
The city government of Jerusalem is looking to launch a $130m venture capital fund to support local biotech startups in areas including medical devices and pharmaceutical technology, Calcalist reported on Monday.
The government’s contribution to the vehicle would amount to $5.5m at most, with the remainder supplied by private investors, according to a request for proposals published by Jerusalem Development Authority. The request closes on May 15.
At least 50% of the fund’s resources would go to local startups.
Jerusalem hosts an estimated 150 biotech startups responsible for the employment of 3,000 people, according to an industry report from market research firm Startup Genome.
The city is regarded as a national biotech hub due to the presence of Hebrew University and its affiliated Hadassah Medical Center, which together conduct almost half of Israeli biotech and medical research.