A farmer in Nebraska uses machine learning to detect agricultural issues and yield a better crop. An elderly adult receives immediate care after a dangerous fall, thanks to a touchless sensor. A child in an African village studies in the evening beside a lamp that is powered by solar energy.
What do these individuals have in common? The technology each of them uses was developed by Israeli startups, and these companies were able to get off the ground and flourish thanks to seed funding and early-stage investments from venture capital firm MoreVC, founded by Englewood native Jack Levy.
Levy arrived in Israel in 2003 with a degree from Columbia Law School and a background in corporate law. But his career took a detour after he joined an internet technology company and was drawn to the action and dynamics of the business field. Joined by his friends and now business partners Meir Ukeles and Glen Schwaber, he decided to embark on the venture capital path in order to help drive solutions to massive global problems through Israeli technology and ingenuity. The three launched a venture capital fund in 2006 and made their first investments in companies specializing in clean tech, a field that was just starting to emerge and where they saw tremendous potential. Over the years, they rebranded and named their fund MoreVC, reflecting a broader focus on additional technologies and markets including cyber, agriculture, artificial intelligence and energy.
To date, MoreVC has invested over $250 million in more than 40 startups. Some have had exits and others have been bought by international companies. Not all have succeeded. But Levy insists that the satisfaction he derives goes beyond the financial returns. “We definitely like to think that our founders are driven by financial returns but also that we are leaving the world a much better place through these investments.”
From innovations that are combating climate change to medical technology that is improving health, these companies are transforming the way people live their lives. One example is a farmer in the Midwestern United States who owns nearly two dozen fields. Thanks to technology developed by Israeli startup Prospera, he was able to identify the exact spot of a fungus that would likely destroy his entire crop. He responded by treating the crop with chemicals to save the season’s harvest—and his own livelihood. MoreVC invested in Prospera during the company’s early stages. “What an amazing feeling that is to know that you were there when the team conceived this idea and they sounded like a bunch of dreamers,” Levy said with much satisfaction.
Another company that MoreVC invested in during its early stages is a cybersecurity company named Claroty that protects some of the most sophisticated industrial, health and commercial systems, including Pfizer. This system has been especially vital to ensuring the security of Pfizer’s COVID-19 vaccine production. “When you see a quote from Pfizer praising the system for protecting the company from cyber attacks, and you know what Pfizer is doing for humanity, that is a very exciting feeling,” Levy shared.
Levy’s grandparents come from a mix of Sephardic and Ashkenazic cultures. He grew up with their love for the Land of Israel, and he feels privileged to be the first in his family to have made aliyah. He is gratified knowing that he is contributing to a more-robust startup ecosystem in Israel, which in turn creates jobs and boosts economic development—and he is especially proud that this state-of-the-art innovation is coming forth from the Jewish State. “Knowing that we are building this here and all that satisfaction is coming out of Israel makes it so much more meaningful,” he said.
In addition to his passion for Israeli technology, Levy is committed to advancing pluralistic education and religious diversity in Israel and sits on a number of boards. One of his favorite pastimes is baseball, though he confesses that he does not spend enough time on the field. On the business front, he has his eyes set on expanding his firm and on continuing to make meaningful investments in Israeli entrepreneurs who are contributing to humanity. “I hope I can continue doing what I do now, because I am loving it.”
Alisa Bodner is a Fair Lawn native who immigrated to Israel a decade ago. She is a nonprofit management professional who enjoys writing in her free time.
