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Israel’s high-tech industry has managed to get back on its feet despite the war, recording its best funding quarter in two years. According to a preliminary report for Q2 2024 by LeumiTech and IVC, capital raisings in the second quarter totaled $2.9 billion across 110 funding rounds. About 62% of the total capital raised in the quarter came from six funding rounds, most of them from companies in the cyber sector, including Wiz, Semperis, Island and Cyera. The most high-profile deal came from Wiz, which closed the highest funding round in Israeli tech history, raising $1 billion at a valuation of over $12 billion.

The positive upward trend that began in the first quarter is also evident even if one ignores Wiz’s enormous fundraising activities: an increase in fundraising volume of around 19 percent (1.93 billion US dollars) was recorded.

Israeli startups raised $1.7 billion in the first quarter of the year and $1.9 billion, $1.7 billion, and $1.4 billion in the fourth, third, and second quarters of 2023, respectively.

The number of funding rounds in the second quarter is comparable to the previous quarter, which marked a break in the downward trend since the beginning of 2022. On a yearly basis, the current quarter is the first since Q1 2022 to record a similar volume of capital raised as Q2 2023 (excluding the Wiz deal).

The number of investments by foreign investors (companies whose headquarters are not located in Israel) has increased slightly over the past six months after a dip in the fourth quarter of 2023. This positive trend continues with the presence of Israeli investors.

Maya Eisen Zafrir, CEO of LeumiTech, stated: “If this volume of activity continues, we will end the year with year-on-year growth in the technology sector. In addition, our in-depth verification of investors’ identities shows that it is encouraging that foreign investors – who have never invested in Israel before – have been involved in transactions even since the beginning of the war.”

Ben Klein, CEO of IVC, added: “The second quarter ends with positive growth indicators. The volume of activity in the Israeli high-tech sector continued to grow moderately. This is remarkable under the circumstances. The growing presence of foreign investors shows the attractiveness of the Israeli high-tech sector.”

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