iAngels has announced its first institutional fund raising $55.5 million. iAngels received the backing of the European Investment Fund (EIF), part of the European Investment Bank group. EIF’s mission is to support Europe’s micro, small and medium-sized businesses (SMEs) by helping them to access finance. The fund received $25 million from the EIF and is said to be the largest investment made by the EIF in Israel to date following a “multi-year vetting process.” Total assets under management at iAngels now stands at $300 million.

Additional investors in the fund include 20 iAngels’ portfolio company founders including, Talmon Marco, Founder, and CEO of H2Pro and former Founder and CEO of Viber and Juno; Eyal Gura, Co-Founder of Zebra Medical Vision; Moran Shohat, Founder of Clear Genetics and Kobi Marenko, Founder and CEO of Arbe Robotics, a company expected to IPO in the near future.

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