MassChallenge launched its Israeli outpost this week, The Jerusalem Post reports. The lauded, Boston-based accelerator aims to guide 100 startups in its first two years in the new Jerusalem offices – offering work space, mentorship and non-equity funding to the fledgling tech companies that make the cut.
Prior to the Jerusalem launch, MassChallenge had invited startups from Tel Aviv to its Boston competition – which whittles down startup applicants to classes of 128. About 32 Israeli companies have been through the Boston program, according to Beta Boston. MassChallenge Israel will accept applications through March 31 to become part of its first class.
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This is MassChallenge’s third program, having launched another in London last year that has grown to house 90 startups. It plans to place accelerators in 10 cities by 2019.
Jerusalem has become a nexus of technology innovation, with more than 500 startups in the region. It has a fast-growing biotechnology scene that’s drawing U.S. dollars – reflected in the launch of a number of cross-border funds and partnerships.
For instance, OrbiMed announced a $222 million Israeli fund in 2012, and is in the midst of raising its second at $300 million. It formed a medtech incubator with Takeda Pharmaceuticals and Johnson & Johnson in 2014. This, and MassChallenge, are only a couple of several accelerators in Israel’s flourishing startup scene.
The Monday launch was attended by Jerusalem’s mayor and some 700 Israeli tech stakeholders, The Jerusalem Post says.
