Israel Active

The Bank of Israel grew its reserves of foreign currency deposits by some $47.3 billion in 2020. It bought foreign currency to keep Israel’s shekel from soaring in value, which damages Israeli exports. The Bank invested these reserves and, despite low interest rates, made 4% profit – its highest in 5 years.

The Israel Innovation Authority has initiated the Back2Tech project. Its aim is to reduce Israel’s hi-tech employee shortage by attracting the 10,000 expats working in that area. Israeli companies will guarantee positions to returning citizens, and even let them work remotely, before they return.

Israel-based cloud security company Wiz (reported previously) was founded only nine months ago. Three months ago, it raised $100 million in funds and now another $130 million gives it a market valuation of $1.7 billion and the financial status of a “Unicorn”.

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Israeli cybersecurity Kape Technologies (reported previously) is acquiring Israel-based consumer focused privacy and security content startup Webselenese for $149.1 million. Webselenese produces content on security and privacy issues and has 105 million readers.

Israeli ride-sharing firm Via Transportation is acquiring US-based Remix for $100 million. Remix is used to design city transportation systems for more than 350 local governments. Its systems impact more than 240 million people in 22 countries.

You’ve probably read many articles here about Israeli companies successfully raising funds. This article explains why so many companies and individuals choose to invest in the Startup Nation.

The Federation of the Israeli Chambers of Commerce (FICC) is promoting business matchmaking for Israeli companies.  Here is March’s edition of its members' business offers. All are looking for new business partners, distributors, representation or suppliers.

The Binational Industrial Research & Development (BIRD) Energy program is making available an additional $4 million to fund joint US-Israeli clean innovative energy technology initiatives. Candidate projects can be submitted until Aug 2021.

El Al’s 8th March flight from Tel Aviv to New York carried 280 passengers of which 168 were fully vaccinated. The others, mostly children under 16, took a rapid Covid-19 test developed by Israel’s Sheba Medical Center that gave the results 15-20 minutes later.  Everyone passed the test.