Israel Active

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Israel’s Fundbox (see previously) is partnering with Visa to strengthen its digital payments platform. The first result of the partnership is the launch of the Fundbox Flex Visa Debit Card, which will help small business customers better manage their cash outflows.

Finnish delivery giant Wolt has opened its first Israeli grocery store in the Neve Tzedek neighborhood of Tel Aviv. Customers can order any of its 3,000 products on-line and pay NIS 16 for delivery or free pick-up at the store. Wolt already delivers for 2,500+ businesses to 28 Israel cities.

Wayra, the innovation arm of Spanish telecom giant Telefónica has made its first investment in Israel, by funding Upword, an AI tool that creates a summary of a much longer document. The company is also offering to provide capital and test facilities to other Israeli startups.

Prior to a planned IPO, Israel’s Freightos (see previously) has received private funds including from Qatar Airways, the world's largest air cargo carrier. Freightos’s platform connects multiple airlines, shipping and trucking companies, freight forwarders, importers and exporters.

In the last year, trade with the United Arab Emirates has increased from $270 million (see previously) to 2.5 billion. The two countries have just signed a Free Trade Agreement.

Israel’s Liquidity Group is partnering with Japan’s MUFG Group and US Spark Group to set up a $2 billion investment fund. It plans to invest $25 - $30 million in individual growth companies, mainly late-stage tech startups.

Over 60,000 passengers departed from Terminal 1 at Ben Gurion Airport on its first day of re-opening after being shuttered due to the Covid-19 pandemic and reduced air traffic.  75,000 were due to leave from Terminal 1 the following day.

Israeli institutional investors increased their allocation to the Israeli start-up scene, for the first time in decades. Astoundingly, the capital allocated to the Israeli tech start-up sector in 2021 increased 6.5-fold and is estimated at $864m, compared with just $134m in 2020.

600,000+ Israeli working parents will benefit from increased tax credits worth nearly NIS 2,800 for each child – some NIS 2.1 billion in total. An additional NIS 500 million will be distributed to low-income working families.