Protego Ventures Closes $125M Debut Fund for Israeli Defense Tech

Protego Ventures, an Israeli defense technology venture capital firm, completed the final close of its debut fund at $125 million in capital commitments, TechCrunch reported on Sept. 29, 2026. The two-year-old firm invests $5 million to $50 million per company, focusing on defense and security startups serving Israel and global markets. Ares Management anchored the fund with a $30 million limited partner commitment. Protego deliberately fell short of its $150 million target: portfolio company XTEND, a drone maker that went public on the NYSE in September 2026, could potentially return the entire fund, and a smaller pool preserves that upside for existing investors. The fund is led by managing partners Lital Leshem and Lee Moser. Portfolio companies include XTEND and ASIO, a situational awareness developer partnered with Anduril. Protego plans to launch a second fund in the first quarter of 2027, targeting Israeli institutional investors and one large U.S. commitment, with a broader mandate covering early-growth American defense-tech companies.