AOL to Invest Up to $1 Million in Israeli Startups

New project is meant to give 'maximum freedom to entrepreneurs' and 'grant them access to all the tools and connections of a global company.'

Reuters
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The AOL logo at the company's office in New York, November 5, 2013.Credit: Reuters

AOL Inc said on Sunday it is starting a program in Israel to assist start-ups, and that it will invest at least $100,000 in as many as 10 projects at a time.

The Internet giant already has a development center in Israel, and its new project, called Nautilus, is meant to give "maximum freedom to entrepreneurs" and "grant them access to all the tools and connections of a global company", said Hanna Laschover, chief executive of AOL Israel.

AOL will escort each start-up, which will be chosen from a variety of fields that are connected to its global activities, for a period of a year, the company said.

The first investment will be in Take& make, AOL said in a statement, a start-up that has developed a platform for "do-it-yourself" videos.