Google has announced an investment of $8 million aimed at supporting both Israeli tech firms and Palestinian businesses.
This initiative, driven by Alphabet-owned Google, is a response to the ongoing Israel-Hamas conflict and the pressing need for smaller enterprises to secure financing during this challenging period.
Of the total sum, $4 million is earmarked for AI startups in Israel, while an equivalent $4 million will be directed towards supporting early-stage Palestinian startups and businesses, providing them with vital assistance to sustain their operations.
Google has committed to providing further support to Israeli AI startups, supplementing the efforts of the Israel Innovation Authority’s emergency fund, which was initiated in response to the conflict that erupted on October 7. This additional assistance is particularly targeted at companies facing a precarious “short runway” in terms of financing, spanning up to six months.
Google said in a statement:
In the current situation, quite a few startups in Israel are struggling to raise capital from investors and urgently need financial bridging in order to continue operating.
Google’s commitment entails an offer to bolster the potential success of approximately 20 startups specializing in AI solutions and services. The specifics regarding the number and size of grants allocated will be determined based on the volume of requests received.
Google has forged partnerships with local and global non-profit organizations to facilitate loans and grants for 1,000 small Palestinian businesses, reflecting the company’s commitment to fostering economic stability and growth in the region.
Furthermore, Google will also provide seed grants to support 50 tech startups operating in Palestinian regions. In aggregate, this initiative aspires to safeguard a significant number of jobs, totaling 4,500 positions, while simultaneously generating fresh employment opportunities for the Palestinian populace.
