Israel’s Ultra-Orthodox Are Getting Their First Startup Fund

    Moshe Friedman

The first investment fund for Israel’s ultra-Orthodox startup community is about to close, offering a new springboard for religiously devout entrepreneurs whose centuries-old garb and insular ways haven’t made them a natural fit for the tech scene.

With a target of $5 million, the 12Angels fund is meant to encourage the slow but steady inroads the ultra-Orthodox, or haredi, community is making into an industry dominated by veterans of elite Israeli military units. Its first investment, of $150,000, was supplemented by the head of Facebook Israel, the chief scientist’s office and another fund. The company, developing a cyber tool for websites, raised $1 million in total.