TBD VC Launches $35M Fund Sparked by a Chance Encounter in Gaza

Venture capitalists David Citron and Alan Buch announce the launch of TBD VC, a $35 million fund focused on leading pre-seed investments and participating in seed rounds of startups founded by Israeli entrepreneurs. With a focus on cybersecurity, enterprise software, and infrastructure, TBD plans to invest in 20 startups with initial checks of approximately $1 million. The fund is backed by a mix of institutional investors from Israel and the U.S., family offices, and leading Israeli cyber entrepreneurs. 

The fund was born under extraordinary circumstances. At the onset of the Iron Swords War, David was called up for continuous reserve duty inside Gaza. During a rare exit through the Zikim crossing, he unexpectedly ran into Alan — a friend of over a decade — who had flown in from New York to deliver supplies to soldiers.

Alan Buch: “After October 7th, 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, at the Zikim crossing, I suddenly saw David. 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.” 

David Citron: “When you’re deep in combat in Gaza, you completely forget what normal life looks like — everything revolves around the mission. That surprise encounter with Alan was unforgettable. It sparked something big. 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. We’re now working on creative ways to help. One initiative is dedicating a portion of the fund’s profits to Back the Warrior, an organization that helps discharged soldiers build careers in tech.”

Buch, with a career in global wealth and alternative investment management, previously served as a senior executive at a global multi-family office overseeing over $4 billion in assets for clients with early-stage investments in tech companies such as Spotify, SpaceX, and Hive AI.

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. His notable investments include Frontegg, Eon, Upwind, PointFive, Flow Security (acquired by Crowdstrike), CyberX (acquired by Microsoft), and Cyolo.

The name “TBD” — short for “To Be Determined” — captures the spirit of early-stage investing: ventures still forming, futures still unfolding, and a high capacity for investors to influence the journey.

TBD also runs a robust Venture Partner program with global organizations like Epic Games, Fanatics, Atlassian, GitHub, Twilio, American Express, and Netflix. These partners work hands-on with TBD’s portfolio companies from day one, helping shape product strategy and go-to-market execution.