AOL's Project Nautilus to Invest in Israeli Startups
AOL's project Nautilus to invest in Israeli start-ups.Reuters

AOL is set to roll out a programme in Israel to assist startups and the internet giant will invest at least $100,000 in about 10 projects at a time.

Project Nautilus is meant to give "maximum freedom to entrepreneurs" and "grant them access to all the tools and connections of a global company", said Hanan Laschover, chief executive of AOL Israel.

The first investment will be in Take&Make, AOL said in a statement. The startup has developed a platform for "do-it-yourself" videos.

AOL's first-quarter earnings missed expectations owing to the cost of restructuring its digital and media entertainment businesses.

Net income in the first-quarter dropped 64% to $9.3m (£5.5m, €6.8m).

AOL, which owns the Huffington Post website and the TechCrunch blog, has been investing in advertising.

Earlier in the month, the firm said it would shell out $101m to acquire Convertro, a platform designed to assist advertisers manage spending budgets across different media.

AOL in 2013 picked up video advertising platform, for $405m, whose platform helps advertisers buy and sell television ads and online video in real time.