EU Invests $20 Million in Israeli Cleantech Fund ICV

The European Investment Fund (EIF), the European Union’s investment arm, has invested $20 million in the third fund of Israel Cleantech Ventures (ICV), the EIF announced Thursday. The EIF’s investment in the $75 million fund called ICV III was made as part of the EU’s research and innovation program Horizon 2020. As part of its involvement in the program, Israel has committed to invest 1.1 billion euros in local research and development projects between 2014-2020, through its government innovation investment arm.

Founded in 2006 and based in Herzliya, a town in the Tel Aviv metropolitan area, ICV invests in early stage startups focused on resource management and sustainability. The firm invested over $150 million in more than 25 companies to date, according to its statements. Portfolio companies include 3D imaging sensor company Vayyar Imaging Ltd. and computer vision company Prospera Technologies Ltd.