Amidst the ongoing war between Israel and Hamas,
has announced its plans of
investing
$8 million to support struggling technology companies in both regions. The tech giant, owned by Alphabet, has announced the initiative, citing the crucial need for small businesses to secure funding during these turbulent times. The investment is split evenly, with $4 million dedicated to AI startups in Israel and another $4 million bolstering early-stage
Palestinian businesses
and startups.
"In the current situation, quite a few startups in Israel are struggling to raise capital from investors and urgently need financial bridging in order to continue operating," Google said in a statement.
Israel-Hamas war
: Why Google wants to fund Israeli
AI companies
and Palestinian businesses
Google's support to Israeli startups builds on the Israel Innovation Authority's emergency fund, established after the war began on October 7, specifically targeting companies with limited financial reserves. Google aims to help maximize the potential success of around 20 AI-focused startups, with the exact grant amounts and number of recipients determined by incoming requests.
In partnership with local and global non-profits, Google will offer loans and grants to 1,000 small businesses in Palestine, aimed at fostering resilience and economic continuity. Additionally, seed grants will be awarded to 50 tech startups in Palestinian territories, nurturing innovation and job creation.
Google hopes this initiative will safeguard 4,500 existing jobs and stimulate the creation of new ones for Palestinians.
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