AOL is moving ahead with its new project called Nautilus, an initiative that would see the Internet company invest up to $1 million in Israeli startups. AOL noted that it would invest at least $100,000 in as many as 10 projects at a time.
With a development center in the Middle Eastern nation already, AOL’s purpose of the startup capital is to allow entrepreneurs to have “maximum freedom” and to give them “access to all the tools and connections of a global company.”
The Internet juggernaut will assist each startup for one year, according to Hanan Laschover, CEO of AOL Israel, who noted that the company will hire a full-time staff of mentors and guides in order for the startups to achieve their objectives. Merav Rotem-Naaman, formerly of Better Place, has been chosen to direct the program.
Each firm will be selected from a wide variety of areas that are connected to AOL’s global efforts. According to a statement, the first firm selected was Take&Make, a startup that has developed and maintained a platform of do-it-yourself videos.
“AOL Israel was born as a result of Israeli entrepreneurship, which has evolved to become one of the strategic pillars of the Israeli economy overall and the international tech economy. As a result, we decided to take our experience and share it with Israeli start-ups that we believe will thrive and help their industries, and the world, progress,” AOL said in a statement.
The program will officially commence this summer.
This isn’t the first time that AOL has aided Israeli startups. Four years ago, soon after AOL became a separate entity from Time Warner, Israel office of the new AOL was established and it acquired Tel Aviv video start-up 5min Media.
Earlier this month, AOL shares fell close to one-quarter (22 percent) after quarterly profits missed estimates. First quarter revenues climbed eight percent to $583.3 million, which exceeded expectations of $577.7 million.
The digital and media Internet firm, which owns the Huffington Post and TechCrunch, is in the midst of upgrading its advertising endeavors and shedding businesses, including Patch, a network of hyperlocal websites akin to Examiner.
It will soon be purchasing Convertro for $101 million, a platform that helps advertisers manage spending budgets across different media.
“We are continuing our momentum in programmatic advertising with another strategic acquisition. Today, we’re announcing that Convertro, a leading provider of multi-touch attribution modeling technology for brands and agencies, will be joining AOL Platforms,” said AOL CEO Tim Armstrong in a statement.
