iAngels, a VC company and investment platform founded by Mor Assia, David Assia, and Shelly Hod Moyal, secured $55.5 million in funding from business investors for its first institutional fund. Taking into account this funding, the VC business has roughly $300 million in total assets under management (AUM).

The fund, which is anchored by $25 million from the European Investment Fund (EIF), is designed for providing funding for high-tech startup companies located in Israel. EIF backing is a first major investment in the Israel startup ecosystem.

“The Israeli startup ecosystem has reached a new level of maturity, moving from ambitious startups to building sustainable billion-dollar tech companies with a global footprint,” said iAngels Founding Partner Mor Assia.

“We are well-positioned now to lead rounds and provide significant support to our companies from inception to exit. We are proud that our portfolio companies are driving innovation and firmly believe that Israel is uniquely capable of cultivating technologies that will generate impact around the globe,” Assia added.

The fund is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments.