VC funds going to Jerusalem!!

Even VC money wants to go the "Kingdom of Heaven" - Jerusalem !!  There's an investment of $10M being seeded into Isreal for an "Internet Lab" for WEb2.0 Companies.

"Two venture capital funds, one Israeli and one American, are joining forces to set up an "Internet lab" to invest a total of up to $10 million dollars in 10 Israeli internet start-ups.

Menlo Park, Calif.-based Lightspeed Venture Partners and Herzliya-based Gemini Israel Funds, which also has an office in the Silicon Valley, intend to focus the investment in second-generation Internet initiatives, knows as Web 2.0, over the next 18 to 24 months, whether content, marketing or mobile applications"

Via :JPost

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http://www.techcrunch.com/2006/03/01/lunch-in-israel-six-startups-and-a-vc/