When the accomplished venture capitalists and close friends David Citron and Alan Buch met near the Gaza border mere days after the October 7, 2023, attacks, they weren’t exactly thinking about business opportunities.
But their experience in helping the country in the immediate aftermath of the deadly attack eventually resulted in an unusually meaningful Israeli-oriented investment fund.
To Be Determined
Citron and Buch recently announced the launch of To Be Determined Venture Capital (TBD VC) a $35 million fund focused on leading pre-seed investments and participating in seed rounds of startups founded by Israeli entrepreneurs.
TBD is focusing on cybersecurity, enterprise software and infrastructure, with plans to support 20 startups with initial investments of approximately $1 million. It is backed by a mix of institutional investors from Israel and the United States, family offices, and leading Israeli cyber entrepreneurs.
The fund will be dedicating a portion of its profits to an organization that helps discharged Israeli soldiers build careers in tech.
“We decided to focus on making the tech world more accessible to combat veterans. During the war, I met thousands of people, and sadly, most weren’t connected to tech,” said Citron.
Founders said they chose the name “To Be Determined” because it captures the spirit of early-stage investing.
TBD also runs a Venture Partner program with global organizations like Epic Games, Fanatics, Atlassian, GitHub, Twilio, American Express and Netflix, helping shape product strategy and go-to-market execution.
From New York to Gaza
Citron was called up for reserve duty inside Gaza immediately after the Hamas attacks. Meanwhile, New York-based and Brazil-born Buch flew to Israel shortly after the start of the war. The two men have been friends for nearly a decade after meeting in New York at a social gathering in 2016.
“After October 7, I couldn’t just sit in Brooklyn doing nothing. 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, I suddenly saw David,” recalled Buch.
The two ran into each other at the Zikim crossing right on the border with the Gaza Strip. Citron was helping escort a military convoy, while Buch was delivering supplies.
“I told him I wanted to increase my involvement in Israel, and we began talking about how we could join forces. Since we’re both investors, we decided to channel that energy into a new fund focused on supporting Israeli innovation,” Buch added.
“When you’re deep in combat in Gaza, you completely forget what normal life looks like. That surprise encounter sparked something big,” added Citron.
Buch has built a career in global wealth and alternative investment management, previously serving as a senior executive at a global multifamily office overseeing over $4 billion in assets. Citron began his VC career at OurCrowd and Flint Capital, later becoming a general partner at Rocket Internet and launching Sheva VC, which he still manages.
