Israeli funding platform OurCrowd has hired a group of Australian investors to recommend domestic startups to its international network of investors, according to Business Insider.
The Jerusalem-based platform is made up of a network of more than 3,000 investors who are invited to be part of the management team of OurCrowd. Every week, the team invests in a couple of hand-picked startups. Contributing investors put in a minimum of $10,000 in every transaction. The management team, on the other hand, contributes $50,000, the report detailed.
OurCrowd proposes to raise funding for pre-vetted startups via crowdfunding. The company targets investors with a minimum yearly income of $250,000 or net assets worth $2.5 million, the report stated.
According to founder Jon Medved, Australia would benefit from having additional sources of funding. Last week, ABS reported that the country's pool of existing venture capital dropped 5% to $5.95 billion in the fiscal year ending June 2013. He also said the new Australian team would help beef up the number of local investors and awareness of the country's startups, Business Insider reported.
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