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                      Israeli Tech Startups Defy War, Raise $2.9 Billion in Q2 2024

                      Editor by Editor
                      1 year ago
                      in News, Tech
                      Israeli Tech Startups Defy War, Raise $2.9 Billion in Q2 2024

                      Israeli Tech Startups Defy War, Raise $2.9 Billion in Q2 2024

                      Israeli tech startups raised $2.9 billion in the second quarter of 2024, marking the highest level of investment in two years, according to a report from IVC Data and Insights and LeumiTech. This impressive fundraising performance underscores the sector’s resilience despite the ongoing conflict with Hamas.

                      The $2.9 billion figure, based on preliminary data, includes a significant $965 million funding round by cybersecurity firm Wiz. Excluding this deal, startups still managed to raise $1.94 billion, a 19% increase from the $1.63 billion raised in the first quarter. The majority of the total investment, about 62%, came from six deals exceeding $100 million, highlighting the strong interest in larger deals.

                      The report also noted an increase in first-time and foreign investors in Israeli tech during this period. “If current volumes of transactions continue, we are on pace for the tech sector to end the year on a growth trajectory compared to last year,” said LeumiTech CEO Maya Eisen-Zafrir. She emphasized the encouraging trend of foreign investors, who had not previously invested in Israel, participating in transactions since the beginning of the conflict.

                      Investment in Israeli tech had slowed starting in the second half of 2022 due to a global economic downturn and domestic political uncertainty over proposed judicial reforms, which have since been abandoned. The onset of the war with Hamas in October 2023 further challenged the sector. Despite these hurdles, funding has remained stable.

                      In the April to June quarter, Israeli startups saw a 48% increase in capital raised compared to the same period in 2023, and a significant rise from the $1.63 billion raised in the first quarter of 2024. The report recorded 110 deals in the second quarter, matching the number from the corresponding period last year.

                      Wiz, a prominent American-Israeli cloud cybersecurity firm, raised $965 million in May, contributing significantly to the quarter’s total. Even without the Wiz deal, the sector showed a 19% quarter-on-quarter increase in funding, signaling a slow recovery from the capital drought caused by the conflict.

                      IVC CEO Ben Klein commented on the data, noting that the continued moderate growth in investment volumes was notable given the circumstances. “The growing presence of foreign investors shows the attractiveness of Israeli hi-tech,” Klein said. The report highlighted that foreign participation in investments had increased in the last six months, following a slump in the fourth quarter of 2023.

                      Despite the war’s impact, which included the mobilization of hundreds of thousands of reserve soldiers affecting tech sector operations, the industry showed resilience. The conflict, coupled with an already challenging year marked by global funding downturns and political instability, did not deter investment.

                      The full data on fundraising activity for the second quarter is expected to be released by mid-July. As the Israeli tech sector navigates these turbulent times, the continued inflow of investment signals a strong foundation and investor confidence in its long-term potential.

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