Protego Ventures has finalized its debut fund, securing $125 million in capital commitments. The firm, founded two years ago by Lital Leshem and Lee Moser, focuses on defense and security startups in Israel and globally. The fund size allows for individual investments ranging from $5 million to $50 million.
The firm counts Ares Management as a major backer, which contributed $30 million as a limited partner. Protego Ventures was established following the October 7, 2023, attack on Israel. Its portfolio includes the drone manufacturer XTEND, which recently went public on the NYSE, and the situational awareness developer ASIO.
The founders opted to cap the fund below their initial $150 million target to maximize returns from successful exits. Leshem and Moser plan to launch a second fund in the first quarter of 2027. This future vehicle will target early-growth American defense-tech companies alongside Israeli institutional investments.
