● Covered by 1 source · 1 reportMedium impact1 neutral
Protego Ventures closes $125 million debut fund for Israeli defense technology investments
Key points
- Protego Ventures closed its debut fund at $125 million.
- Investments will range from $5 million to $15 million per company.
- Focuses on defense and security startups in Israel and globally.
- Portfolio includes XTEND and ASIO.
Fund Closure and Investment Focus
Protego Ventures, a two-year-old Israeli venture capital firm specializing in defense technology, has completed the final close of its debut fund, securing $125 million in capital commitments. The firm aims to invest between $5 million and $15 million in each portfolio company.
The fund's strategy targets startups that address critical defense and security requirements for both Israel and the global community. Protego Ventures positions itself as the first and largest dedicated defense tech VC in Israel.
Key Backers and Portfolio Companies
Ares Management is a significant backer of Protego Ventures, providing a $30 million investment as a limited partner. Ares Management suggested the formation of Protego after the October 7, 2023, Hamas attack on Israel, believing new technologies are crucial for Israel's defense capabilities.
Protego's portfolio includes drone maker XTEND, which recently went public on the NYSE. Another portfolio company is ASIO, which develops situational awareness systems and has partnered with Anduril.
Strategic Fund Size and Market Reception
Protego Ventures stopped short of its initial $150 million target, opting for a $125 million fund. This decision was influenced by the success of an early investment, XTEND, which is seen as a potential "fund maker" capable of returning the entire fund. A smaller fund size magnifies the impact of such a win on overall returns.
Lital Leshem, co-leader of Protego, noted strong reception within defense circles, with military personnel engaging with the firm to learn about and acquire new technologies and innovations.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
The daily brief
One email each morning: the day's tech stories, clustered across outlets and summarized. No account needed.
One email a day. Unsubscribe in one click, any time.
Today's brief
Spend a few minutes, get the whole day. Every topic's top stories in one hands-free rundown — listen, watch, or read the transcript.
▶ Play today's brief
New every morning, and the back catalogue is archived by date.
Reporting from
Protego Ventures, an Israeli defense tech venture capital firm, has closed its first fund at $125 million. The fund will invest $5 million to $15 million per company in startups addressing defense and security needs, with a focus on Israeli and global markets.