Crowdfunded investment company launches $100M pandemic fund
OurCrowd, an Israel-based venture investment platform, to invest in coronavirus fight
As the worldwide coronavirus deaths top 375,000, the global investment company OurCrowd is launching a $100 million “Pandemic Innovation Fund.”
OurCrowd plans to invest in 15-20 companies involved in “urgent technological solutions for the medical, business, educational and social needs triggered by global pandemics and other health emergencies,” the company announced on its website.
This will include startups working to develop vaccines, tests and treatments for the coronavirus, as well as therapeutics, remote monitoring, digital health and personal protection.
“To ensure that we get the world back on track, there is now an urgent need for innovation,” OurCrowd CEO Jon Medved said in a news release. “Technology can help us overcome many of the problems resulting from the crisis.”
Playing off the theme that ambitious tech companies “move fast and break things,” Medved added, “It’s time for tech to move fast and fix things.”
OurCrowd will also invest in companies working on solutions for fundamental changes in the economy resulting from the pandemic. That means companies with a focus on remote working, distance learning, robotic process automation, home exercise and cybersecurity, among other issues.
OurCrowd already owns stakes in a number of companies working to mitigate the coronavirus crisis. These include MigVax, which is working to develop a coronavirus vaccine, and Sight Diagnostics, which is developing a blood test for coronavirus.
The Pandemic Innovation Fund is open to accredited private investors who can invest a minimum of $50,000. It’s also open to institutional investors that can kick in at least $1 million.
Since it was founded in 2013, OurCrowd has invested $1.4 billion in 200 different companies and 20 venture funds. It has raised money from nearly 50,000 investors from more than 180 countries.
OurCrowd bills itself as the world’s largest crowdfunded venture investment company. Aside from its home office in Israel, it maintains offices in the US, Canada, Australia, Hong Kong and Singapore.
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