Israeli privately-held tech companies and start-ups raised nearly $1 billion in the month of October alone, according to a recent report by Israeli business daily Globes.
This success brings the total raised in the first 10 months of 2024 to over $8 billion, surpassing the $6.9 billion raised in all of 2023.
Several major financing rounds contributed to October’s success. Cybersecurity company Armis secured a substantial $200 million, while payments platform Melio raised $150 million. Proptech company DoorLoop and cloud backup firm EON also completed significant rounds, raising $100 million and $77 million respectively.
The IVC-LeumiTech report indicates that Israeli privately-held tech companies raised $7.2 billion in the first nine months of 2024.
Economists such as Tel Aviv University professor Dan Ben-David have contended that Israel’s hi-tech sector is responsible for about half of the country’s total exports, while at the same time the sector only employs 6% of Israel’s workforce. Additionally, approximately 10% of the sector’s workforce have missed significant amounts of time at work due to having to perform military reserve duty since the war with Hamas began last October.
Many Israeli startups have also stepped up to address wartime needs, developing solutions for various challenges arising from the conflict. From communication tools to logistics support and healthcare innovations, hi-tech companies are leveraging their expertise to contribute to national efforts.
