Nasdaq-listed Valley National Bancorp has invested $25 million in Israeli venture capital firm The Garage.
The Garage is a VC firm that takes early-stage bets on startups in tech-based verticals such as fintech, AI and cybersecurity. The fund is backed by Bank Leumi, the leading bank in Israel, and by BRM Group, a Israel-based family office which had made its first investment in Check-Point in 1993.
The Garage was founded and is managed by Omer Nagar, Eyal Redler and Shay Dan, who formerly served in high-ranked positions in elite IDF intelligence and technology units.
Valley National Bancorp was founded in 1927. Valley National said it invested into The Garage “to support the bank’s digital transformation efforts while enabling the rising number of Israeli Fintech startups a fast lane to the American market.”
“Following the unique model built in Israel by The Garage with Bank Leumi, Valley intends to form a designated team in the bank which will enable The Garage’s portfolio companies quick and effective integration into Valley’s systems,” the US bank said in its statement.
Valley National Bancorp has the Valley National Bank as its principal subsidiary. The bank manages assets of the order of $54 billion. It operates across several key states in the US including New Jersey, New York, Florida, Alabama, California, and Illinois
“This is another important milestone in The Garage’s plan to allow Israeli tier-1 entrepreneurs a one-stop shop to take them from the initial investment through to a game changing design partnership with Bank Leumi, and all the way to the heart of the US market at Valley,” said The Garage’s CEO Omer Nagar.