Israel Active

Taiwan’s largest software incubator, Innovation to Industry (see previously), has selected 21 Israeli companies. It aims to integrate Israeli software with Taiwan’s hardware, including computers, LCDs, semiconductors and phones, as well as in Taiwan’s healthcare system.

North American online grocery platform Instacart is partnering Israeli-founded automation logistics startup Fabric (see previously). Fabric will use its robotic fulfilment warehouses and AI software to help Instacart deliver goods to its customers.

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The $300 million just raised by Israel fintech Rapyd (see previously) makes it Israel’s most valuable privately owned company, with a market value of $10 billion.

One of the reasons so many Israeli startups have succeeded despite the pandemic is because their employees can work remote from their main Israeli offices. This article highlights several examples of where startups have even allowed their staff to work overseas but retain their jobs in Israel.

Israel’s HopOn (see previously) is expanding into Europe with its mobile payment solutions for public transportation.  It has just acquired UK-based ECR, a payment solution for public transit and leisure venues, for $10 million. HopOn operates the payment system for Israel’s Rav-Kav service.

British investment firm Consensus Business Group (CBG) is investing $20 million in Israeli-based medical device incubator MEDX Xelerator (see previously). CBG said the global epidemic requires development of advanced medical technologies. CBG has $500+ million invested in Israel.

Israel’s reserves of foreign currency reached a new record of over $201 billion at the end of July – an increase of over $1.5 billion on its end of June level.

Fitch Ratings has reaffirmed Israel’s A+ rating with a stable outlook, citing its “strong external finances and solid institutional strength.” Its report said Israel’s economy stood up to pandemic shock relatively well, due to Israel’s high-tech industries and successful vaccination campaign.

Israel’s new Gulf Port of Haifa is to begin operations on Sep 1st. Built entirely offshore by Israeli companies Shapir Engineering and Ashtrom, it will handle ships 400 meters long and 62 meters wide that carry 18,000+ containers. Another new Israeli port at Ashdod is set to be completed by end 2021.