Bezeq, the Nasdaq-listed Israeli internet service provider, has teamed up with Israel Discount Capital Markets, an investment house, to launch a $50m venture capital fund.
The new fund will be called Stage-One Ventures and aim to invest in early stage telecom start-ups. Investments will be made in data communications, broadband, network management and storage networks companies, amongst others.
Bezeq has invested $30m in the fund, and Discount provided $10m. The balance will be raised from additional investors, but Stage-One said it was keen to start to invest immediately.
According to the Jerusalem Post, the fund is Bezeq’s third foray into venture capital. The company has already invested $7.5m each in BRM Capital and Eurofund 2000.
Bezeq also plans to set up an in-house incubator programme for its own staff. The scheme will be called Havzaka.