M-Fund VC

Lior Elkan, the Founder & Managing Partner, leads investment decisions. He built the platform from an angel-investing base, sourcing and shaping early-stage Israeli startups before institutionalizing the approach. The firm highlights a flat, conviction-driven process without investment committees.

M-Fund relies on a reference-heavy, network-driven sourcing model amplified by its integrated angel club. The angel club provides early access to founders who may not yet be on institutional radars, while Elkan’s long-term scouting background in the Israeli ecosystem surfaces talent in overlooked sectors.

M-Fund operates as a synergistic platform combining a venture capital fund with an angel club. The angel club executes early-stage investments through special purpose vehicles, while the fund side provides follow-on capital and institutional oversight, creating a dual-engine architecture.

The firm focuses on early-stage startups, typically Seed and Start-up rounds. Its strategy centers on leading initial rounds, often before consensus forms, and remaining engaged with portfolio companies through subsequent inflection points.

M-Fund does not disclose a strict sector mandate but emphasizes backing Israeli founders in overlooked sectors, often those that fall outside mainstream venture themes. The firm states it does not chase trends, instead seeking talent early in underfollowed areas.

As of June 30, 2025, the firm reported a 71% net IRR, 413% TVPI, and 46% DPI for its first batch of angel-club SPVs founded from 2019 through Q3 2024. These figures are sourced from the firm’s own website and apply only to that specific vintage of SPVs.

Shiran Binyamin serves as CFO & Head of Fund Operations. A CPA with more than a decade of experience in finance and fund administration, she manages investor reporting, cash management, fund structuring, and regulatory filings.