Microsoft, Walmart help Israeli VC Team8 raise $500 mn to support startups

Israel-based venture capital firm Team8 raised $500 million from investors including Microsoft Corp., Walmart Inc. and Cisco Systems Inc., for funds that will focus on local startups.

Moody’s Corp. and Temasek Holdings Pte also backed the three new funds and follow-on funding that brings Team8’s assets under management to more than $1 billion, the investment firm said in a statement on Tuesday.

The closings come as Israel’s ongoing war with Hamas has shut down large parts of the economy. Venture firms with a focus on Israeli tech startups have pulled in more than $1 billion since the war began on Oct. 7.