Samsung Next, the innovation arm of the technology giant Samsung, has announced the shutdown of its operations in Israel. The fund, known for investing in early-stage companies, will be changing its work model and relocating all activities in Israel overseas.

Headquartered in California, with offices in Korea and Israel, Samsung Next was established to help Samsung Electronics identify new growth opportunities. In Israel, the focus has been on the investment fund, scouting for startups and local developments with potential financial success and relevance to Samsung.

An email sent out by the staff members of the fund in Israel, led by Vice President and Managing Director Eyal Miller, stated, ‘Today, I am sharing the news that Samsung Next has made necessary organizational changes in the Tel Aviv office to consolidate its activities. Israel remains an attractive market for Samsung Next, and the existing relationships with partners and portfolio companies will remain unchanged.’

The email also emphasized the fund’s commitment to continue investing in the region and encouraging referrals from builders and founders despite the physical presence in Israel ceasing. The team will be transitioning roles from Next through the fall to align work and relationships with the U.S. team and address the essential operational requirements of an office closure.

This decision, though difficult, does not diminish the achievements made over almost a decade. Samsung Next has invested in 70 companies, facilitated collaborations between Israeli startups and Samsung, and fostered a community of builders, founders, and investors in Tel Aviv and abroad.

As Samsung Next undergoes this transition, the U.S. team will continue to provide resources and advice, ensuring support for the region. The fund’s commitment to investing in the region and fostering referrals from builders and founders remains unchanged.