GeekMedia, the company behind the Israeli blog NewsGeek (Hebrew) has launched VentureGeeks, a new incubator program in Israel, which will provide seed funding and mentorship to Israeli startups. The Tel-Aviv based incubator is meant to serve as an accelerator program for startups, following the model of US based Y Combinator. Startups which are admitted to the program will receive up to $20,000 in pre-seed funding, office space, administrative services and advice from a group of mentors. The cost for startups is 10% of their equity.
Some of the mentors include: Eden Shochat, General Partner at Genesis Partners and Udi Netzer, a seasoned angel investor and the co-founder of Evergreen (Israeli VC), Seasoned entrepreneurs such Tomer Dvir, CEO and Co-Founder of Soluto and Liad Agmon, Currently EIR at Bessmer Venture Partners and Co-Founder of Delver (Acquired by Sears) and Onigma (Acquired by Mcafee), and Industry experts such as Zack Weisfeld, Business Development and strategy director at Microsoft R&D and Ayelet Noff, CEO at Blonde 2.0.
Applications to the program are currently open until February 28th, 2011. The incubator got $5 million in funding.