U.S-based start-up accelerator, DreamIt Ventures, announced on Wednesday the opening of a four-month accelerator program for Israeli entrepreneurs.

DreamIt Israel will help up to five Israeli startups get off the ground and gain access to U.S. and other global markets, providing mentorsing, guidance, a stipend of up to $25,000, and access to early stage capital.

Selected companies from the start-up nation will spend one month working in Israel preparing their start-ups, and then three months working in New York working alongside companies taking part in DreamIt’s 2012 program there.

At the end of the program, which is the first such hybrid program where companies spend time developing both in Israel and the U.S., Israeli graduates will present their start-ups to investors in the U.S. and Israel.

Founder David Bookspan said DreamIt Ventures has been wanting to set up an Israeli program “for a number of years.”

DreamIt’s business accelerators in New York and Philadelphia were established in 2008, and have helped launched companies including SCVNGR, SeatGeek, Take the Interview, CloudMine, Notehall, SupplyHog, Adaptly, and 57 others.