Protego Ventures, which identifies itself as the first and largest dedicated defense technology venture capital firm in Israel, has concluded the final close of its inaugural fund, securing $125 million in capital commitments. The firm, led by Lital Leshem and Lee Moser, plans to invest between $5 million and $50 million in startups that address critical defense and security requirements for Israel and the global community.
Ares Management is among Protego's primary supporters, having invested $30 million as a limited partner. According to Leshem, Ares Management suggested that Leshem and Moser establish Protego following the October 7, 2023, Hamas attack on Israel, believing that new technologies would be crucial for enhancing Israel's defense capabilities.
Protego's portfolio includes drone manufacturer XTEND, which went public on the NYSE earlier this month, and ASIO, a developer of situational awareness systems. The firm reportedly stopped short of its initial $150 million target, with Leshem stating that a smaller fund magnifies the impact of a significant success, such as XTEND, on overall returns.