Lightspeed and Gemini Close Israeli IT Incubator
Lightspeed Venture Partners and Gemini Israel Funds have closed a joint incubator program that provided seed capital to early-stage Israeli Internet companies. No explanation was provided for the shutdown, in an announcement on the Lgilab blog (yes, this appears to be an old story, but I haven't seen it elsewhere): After more than 3 great years, the LightSpeed Gemini Internet Lab is ending its operations. The joint venture from LightSpeed Venture Partners and Gemini Israel funds has been a great opportunity to fund and support some of the most interesting web startups in Israel. Both funds are still actively looking for new opportunities for fund new internet projects at early stage. I've put in a call to Lightspeed's Silicon Valley office, to find out what will happen to the incubator's portfolio companies (Eyeview, OutBrain, StyleShake, Vahu.com, Vestopia, etc.). Also would be interested to know what this means for Lgilab general manager Ouriel Ohayon, Lgilab's only fulltime employee without a pre-existing connection to either Lightspeed or Gemini...
