Symbol, a Tel Aviv-based venture capital fund, has successfully concluded its debut fundraising round, amassing an impressive $50 million. Founded in late 2021 by Yuval Ariav, co-founder of financial tech unicorn Fundbox, the firm specializes in providing initial investments to early-stage startups led by Israeli entrepreneurs. These ventures often explore unconventional or “pre-consensus” fields, deemed too intricate or risky for traditional early-stage funding.

The fund’s unique focus involves nurturing startups that are in their infancy, offering support when they possess only an idea and a team. Symbol intends to allocate investments ranging from $500,000 to $3.5 million to facilitate the growth of startups championing niche or innovative concepts. Notably, the fund has already made 10 investments in pre-seed and seed stages. These include projects like Sightful, the creator of the world’s first augmented reality laptop, and Breeze, a startup in the cargo insurance domain.

Symbol’s portfolio extends to fintech, as seen with its investment in Nilus, and manufacturing procurement platform development with Jiga. Several startups within the Symbol fold have secured additional funding, with two having graduated from the esteemed Y Combinator accelerator.

Yuval Ariav shared that the fundraising journey began amidst the global upheaval caused by COVID-19 and continued amid political uncertainties in Israel. Despite these challenges, the fund managed to attract a diverse range of investors, including U.S.-based VC funds, European entities, and select Israeli investors. Executives from major global American companies in finance, banking, retail, real estate, and hospitality also contributed.

Ariav acknowledged that some foreign institutional investors raised concerns about Israel’s evolving legal landscape and its potential impact on investment strategies. However, these concerns were ultimately overcome, highlighting the resilience and appeal of Symbol’s investment proposition.

In a tumultuous climate, Symbol’s ability to secure substantial funding underscores its commitment to propelling groundbreaking startups and fostering entrepreneurial growth in unconventional sectors.