Israeli national flags flutter near office towers at a business park also housing high tech companies, at Ofer Park in Petah Tikva, Israel, Aug. 27, 2020. Photo: REUTERS/Ronen Zvulun

A global coalition of tech companies, entrepreneurs, experts, and investors has launched a new initiative to support Israel’s tech community as the industry faces the impacts of the ongoing war between Israel and the Hamas terror group.

Circles of Dialogue, an online platform and community network, seeks to provide access to more than $100 million in immediate investment capital and free services. So far, major companies and investors from across four continents have joined the effort.

The project offers free access to various resources, capital formation networks, and expert advisers for Israeli tech companies to help them endure the current crisis and succeed after the fighting ends.

Since the outbreak of war with Hamas’ Oct. 7 massacre across southern Israel, regular business has slowed down significantly. Israel’s business sector has been hit hard, with many finding it next to impossible to work on anything unrelated to the war.

Reserve duty in particular has become a major challenge for business across Israel as more than 350,000 people were called from their homes to join the war, taking them away from work.

“This is a critical moment for the Startup Nation, but Israeli innovation and technology continues to be ripe for lucrative investments,” said investor Ron Suber, a former president of Prosper Marketplace. “I wholeheartedly believe in the mission of Circles of Dialogue to ensure the progress made in the last decade does not falter because of the strife. We want to double down, reinforce our existing investments, and instill confidence in the market for the next generation of Israeli tech companies.”

Tech has become a backbone of Israel’s economy, and a reason why even in global economic crises the Israel economy can remain resilient. Indeed, tech has accounted for 14 percent of jobs in Israel and about a fifth of economic output. Last year, Israeli tech companies raised nearly $16 billion, the highest per capita in the world, after raising $27 billion the previous year. The tech sector also accounted for about half of Israel’s exports and 30 percent of tax revenue.

The Jewish state has consistently been among the world’s ten largest tech ecosystems in terms of funding despite being much smaller than its competitors at the top of the list.

Startup hubs in the country include Tel Aviv, the biggest tech center, followed by Jerusalem and Haifa.

The main goals of Circles of Dialogue are to assist companies in raising money from venture capitalists as well as angel and institutional investors, to drive customer acquisition and retention, and to improve essential services.

Alongside its online platform, Circles for Dialogue will create exclusive networking events to connect members of the global tech community to ensure Israel can remain a formidable teach leader, according to a press release put out by the initiative.

The cohort includes companies and organizations such as Blumberg Capital, Cross River Bank, Propel Ventures, and Tal Ventures, among hundreds of other investors, companies, and founders.

The effort is another example of supporters of Israel both inside and outside the country lending a hand amid the current war.