JERUSALEM : Fundraising by Israeli technology firms slumped 65 per cent in the second quarter compared to the same period last year, data showed on Wednesday, as political turmoil in the country exacerbated a global slowdown in the sector. Firms raised a total of $1.78 billion in the second quarter, rough
JERUSALEM : Fundraising by Israeli technology firms slumped 65 per cent in the second quarter compared to the same period last year, data showed on Wednesday, as political turmoil in the country exacerbated a global slowdown in the sector.
Israeli tech companies raised nearly $16 billion in 2022. But that was mainly in the first half, before the global economic slowdown, higher interest rates and weak stock markets hit. High-tech had been the fastest growing sector in Israel for a decade, accounting for 14 per cent of jobs and almost a fifth of economic output. Innovations from the country in cybersecurity, artificial intelligence and other fields have been adopted around the world.
The Israeli government's plan to overhaul the country's judiciary has also harmed fundraising, with many investors wary and vocal about not investing in the country when checks and balances are at risk.
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