(Bloomberg) -- Israel-based venture capital firm Team8 raised $500 million from investors including Microsoft Corp., Walmart Inc. and Cisco Systems Inc., for funds that will focus on local startups.

Moody’s Corp. and Temasek Holdings Pte also backed the three new funds and follow-on funding that brings Team8’s assets under management to more than $1 billion, the investment firm said in a statement on Tuesday.  

The closings come as Israel’s ongoing war with Hamas has shut down large parts of the economy. Venture firms with a focus on Israeli tech startups have pulled in more than $1 billion since the war began on Oct. 7.  

“Even if in the short-term there is less certainty, I think there is strong conviction in the world that in the long-term this is the place to be,” Yuval Shachar, managing partner and chairman at Team8, said in an interview.

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Two of the funds will focus on seed rounds for cyber, data infrastructure, artificial intelligence and digital health. The third one will invest in seed and Series A rounds for a range of technology startups and about $85 million was raised for follow-on funds. The three new funds will invest in more than 30 startups, according to Team8.

Israel’s tech hub was hit hard in the early months of the war, as thousands of workers were pulled into military reserve duty, though many have since returned to work. Last year also saw months of mass protests and political instability over the government’s plans to weaken the judiciary. 

Team8 was founded in 2014 and initially focused on cybersecurity startups. Two of its portfolio companies, Dig Security and Talon, were sold last year to Palo Alto Networks for a combined total of about $1 billion. 

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