iAngels, a private investment platform founded by Shelly Hod Moyal and Mor Assia, today announced the closing of its first institutional fund. The European Investment Fund contributed $25 million to the fund, which raised $55.5 million.This brings iAngels total assets under administration to $300 million.iAngels operated in a unique manner up until now. Accredited investors from Israel and around the world can participate in private funding rounds for some of Israel's most innovative startups through the platform. iAngels handles all the legal requirements and diligence, as well as writing the check before the deal is published on the platform. The deal flow and investment process are not like an institutional fund. However, angel investors can share these deals with the firm, giving it additional firepower in these deals.This framework allows iAngels, who are angels, to negotiate on behalf the angels. It also makes it possible for follow-on investments, which can be difficult when angels bet on a large winner. iAngels invested in 22 startups that have been profitable, with eight additional exits including Arbe and eToro.The operation of the institutional fund is not affected. iAngels will continue to source deals, do due diligence and make the check. However, angels who are members of its platform will be able participate in these rounds.Around two-thirds of the $55.5million (555 is an Israeli number that signifies good fortune) are reserved for follow-on. Rest is for early stage rounds of Israeli tech companies.iAngels is interested in companies with double bottom lines, and is particularly interested in startups that work in climate tech, food tech, or health tech.
