IDF reservist and NYC venture capitalist unveils bold $35M fund to back next wave of innovators

David Citron, an Israeli investor and reservist with Israel Defense Forces, was drafted in the Israeli military following the Hamas Oct. 7 attack in 2023. By coincidence, he encountered a distant acquaintance at the Zikim Gaza border crossing – Alan Buch, a New York-based, Brazilian-born venture capitalist who had come to Israel to help deliver supplies to IDF soldiers.

The encounter between Citron and Buch, described as a “wild and unexpected chance,” ultimately led to the launch of a $35 million venture capital fund on Monday, aimed at investing in young startups.

The 34-year-old Citron recalled the challenges of managing various roles in civilian and military life. 

“Since the outbreak of war, it has been a back and forth between being a soldier, a venture capitalist, a father, and a husband,” Citron said in an interview with The Times of Israel. 

“When you’re deep in combat in Gaza, you completely forget what normal life looks like – everything revolves around the mission.”

“That random surprise encounter with Alan at a time when you are removed from your ‘normal life’ was a pretty crazy and unforgettable story,” Citron recalled. 

He and Buch first met in New York in 2016. Buch, who had settled in Brooklyn, emphasized that the Oct. 7 attack changed his life. 

“After October 7, I couldn’t just sit in Brooklyn doing nothing,” Buch said. His attachment to Israel was also linked to the fact that he had lived in the Jewish state for two years as a teenager. 

“I got on a plane to Israel and traveled across the country to find ways I could help.”

“I raised donations, delivered gear to soldiers, and one day, at the Zikim crossing, I suddenly saw David,” Buch said.

Citron revealed that his friendship with Buch was strengthened during their chance encounter at the Gaza border amid war. 

“We started hanging out together more when Alan was traveling back and forth from New York to Israel, and I was in between reserve duty rounds,” Citron said. “We began talking about how we could join forces as Alan wanted to do more in Israel, not just from a philanthropic perspective but also from a business perspective.”

“We wanted to combine both fashions, investing in tech companies and investing in Israel,” Citron added.

“Since we’re both investors, we decided to channel our energy into a new fund focused on supporting Israeli innovation,” Buch said. 

This cooperation resulted in the newly launched TBD VC business, an abbreviation for “To Be Determined Venture Capital.” The new business succeeded in raising $35 million in funds within only three months. 

“We are looking for startups where the mindset of the entrepreneurs is scrappy but efficient, able to communicate even in the most intense situation,” Citron revealed. “It ties back to my mindset and how it’s evolved since the war, what it means to be in a war zone, and the people you have got in the battlefield.”

Israel is known worldwide as the Start-Up Nation due to the high concentration of startup tech companies in the country. Israel is today ranked as one of the world’s leading tech hubs outside Silicon Valley, California. 

Last month, Google’s parent company, Alphabet, bought the Israeli tech business Wiz for a whopping $32 billion. The historic deal marks the biggest exit in Israeli tech history.