Samsung Next investment fund of the technology giant Samsung is closing its operations in Israel

The Samsung Next investment fund of the technology giant Samsung is closing its operations in Israel, the fund announced today in an email it issued.

Samsung Next is the innovation arm of the global Samsung Electronics company and its headquarters is in the western United States with offices in Korea and Israel. The innovation arm was established to help Samsung Electronics work smarter with software. In Israel, most of its activity is focused on the investment fund that locates start-ups and local developments that will be financially successful and that will also have meaning for Samsung itself.
The email sent by the staff members of the fund in Israel led by Eyal Miller reads: "Today I am sharing the news that Samsung Next has made necessary organizational changes in the office in Tel Aviv to consolidate its activities. Israel remains an attractive market for Samsung Next and the existing relationships with partners and portfolio companies will remain unchanged. Decision This, although difficult, does not diminish the achievements we have achieved together for almost a decade.
"We have invested in 70 companies, made collaborations between Israeli startups and Samsung, and cultivated - thanks to your unwavering support - a community of builders, founders and investors in Tel Aviv and beyond. Our team will transfer our positions from Next until the fall in an effort to align the Our work and relations smoothly with the American team, and to respond to the essential operational requirements of dismantling an office.