Israel Active

Israel’s TripActions (see previously) is preparing for the return of global tourism by expanding its Israeli R&D center to employ 200 developers. As soon as coronavirus vaccines were available, TripActions received a massive investment of funds and launched new travel products.

Israel’s Sweetwood Ventures has launched its second venture capital Fund-of-Funds, targeting $120 million in investments in leading early and growth-stage Israeli technology companies. The fund “aims to provide investors with access to the most promising Israeli technology startups”.

Israel’s Verbit (see previously) has just raised $157 million, giving it a valuation of more than $1 billion and the financial status of a “Unicorn”. Verbit’s transcription and captioning services are used by more than 1,500 customers including CNBC, CNN, FOX, Harvard and Stanford Universities.

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Israeli Minister of Tourism welcomed the first tourists to Israel in over a year. A group of 12 Christian pilgrims arrived from St. Louis. Groups of up to 30 vaccinated tourists can now enter Israel. The Tourism Ministry said about 20 groups are expected during the pilot period up to 15th June.

Israel’s Vertical Field (see previously) has been chosen to provide its vertical farming systems to assisted-living homes in California managed by Calson Management. If successful, the pilot scheme in Vallejo, California will be expanded to seven more centers.

Israeli startups raised almost $2 billion of funds in May. The total for the first five months of 2021 has now reached $8.6 billion, compared to $10 billion for the whole of 2020. Digital health companies raised $700 million in the first quarter of 2021 – nearly equal to all 2020.

Israel has so many accelerator /incubator programs that support young companies and entrepreneurs that it can be difficult for innovative startups to decide which to approach for mentorship, office space and sponsorship. This article highlights six typical programs fueling Israel’s vital startup ecosystem.

The Tel Aviv Stock Exchange launched its TA-125 Fossil Free index in December. Israel’s Migdal Capital Markets has now followed up the event by becoming the first investment house to launch an exchange traded fund (ETF) that tracks the new index.

Israel’s Parametrix Insurance protects companies if their Cloud service provider breaks down. It provides cover for financial loss including reputational failure and compensation for service level agreements with customers and third parties.