Israeli high tech firms raised 1.5 billion dollars in the fourth quarter of 2023, preliminary data showed, in a sign that foreigners are still investing in Israeli startups despite Israel’s war, Reuters reports.
The Israel Venture Capital (IVC) Research Center and LeumiTech said fundraising in quarter up until Dec 26 dipped 15 per cent from the third quarter but 75 deals were done. The war began on Oct 7.
The report said that foreign participation rose in the fourth quarter after a decline earlier in 2023, saying “the presence of foreign investors is a significant indication of the availability of funds for investments.” Last week, a group of 70 US tech executives came to Israel in a show of support.
High-tech accounts for 12pc of employment, more than half of Israel’s exports, 25pc of income taxes and nearly a fifth of its overall economic output.
At least 15pc of the tech workforce has been called up for military reserve duty.
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