Israel Active

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.

The safe, pure, plant-based baby food products of Israel’s Else Nutrition (see previously) are reshaping the industry. It is filling a market gap caused by the shortage of baby formula, and a desperate need for products free of heavy metals.

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Some 385,000 foreigners have visited Israel since Covid-19 entry rules were eased on 1st March. They include the overseas owners of some 83,000 Israeli properties, who last visited before March 2020. Many other “second home” owners made Aliyah, so they could visit during the pandemic.