iAngels, the private investment platform founded and helmed by Mor Assia and Shelly Hod Moyal, has today announced the close of its first institutional fund. The firm has raised $55.5 million, which was anchored by the European Investment Fund, which put in $25 million.

This brings iAngels’ total assets under management to $300 million.

Until now, iAngels has operated in a very unique way. The platform has allowed accredited investors all over Israel and beyond to participate in private funding rounds of some of the best startups in Israel. That said, iAngels does all of the diligence on the startups, handles legal requirements, and even writes the check before the deal is listed on the platform. In other words, the deal flow and investment process isn’t unlike an institutional fund, but rather the firm’s ability to share these deals with angel investors gives it extra fire power in these deals.

This framework also allows iAngels to negotiate on behalf of the angels on the platform, allowing room for follow-on investment, which can be difficult for angels when they bet on a big winner. Thus far, iAngels has invested in 22 startups who have exited profitably, including eight more recent exits, including Arbe, eToro, Applitools and Simplex.

With the institutional fund, not much changes by way of operation. iAngels will still source the deals, do the due diligence, and cut the check, but angels on its platform will be able to participate in these rounds.

Of the $55.5 million (555 is a number that represents good fortune in Israel), around two-thirds are being reserved for follow on. The rest is reserved for leading early stage rounds in Israeli tech companies.

iAngels is most interested in double bottom line companies, with a particular interest in startups working on climate tech, health tech, and food technologies.