This Philly, NYC venture fund wants to bring Israeli startups to the East Coast

A new venture fund based in Bala Cynwyd and New York City wants to bring early stage Israeli startups to the East Coast.

Along with Israeli venture capital partners, INE Ventures plans to invest in six to eight startups in its first year and said it will relocate founders to New York City, Philadelphia or New Jersey starting in the winter of 2014, according to a release. The firm’s managing partners say that there are many Israeli startups that need both access to capital and to a “large, consumer-friendly market.”

Partners Paul Grossinger, based in New York, and Joshua Cline, based in Bala Cynwyd, are currently raising a $5 to $10 million round, the pair said through a spokeswoman. They both traveled with Mayor Michael Nutter on his recent trade mission to Tel Aviv, Israel.

Cline, 37, runs marketing company The Cline Group, while Grossinger, 24, works at a software development company he cofounded called Pervasive Group.

Other local investors have set their sights on Israeli startups, including the Keiretsu Form MidAtlantic, a local angel group that holds an Israeli startup showcase, and JANVEST, an investment firm with a Philadelphia office that began investing in 2011 but has since left for Chicago. Wayne Kimmel, a founder of SeventySix Capital, is also active in local Jewish community initiatives and companies.