Israel Active

I reported previously that the European Investment Fund (EIF), were guaranteeing loans by Israel’s Bank Leumi to Israeli startups up to a total of $200 million.  They have now increased their guarantees to a total of $620 million as part of the EU’s Horizon 2020 program.

American carmaker Ford Motor Company is launching a Tel Aviv innovation center. In June, Executive Chairman Bill Ford (great-grandson of Henry) will lead a delegation of Ford executives to Israel to seek out Israeli technology covering AI, autonomous driving, and cybersecurity.

A report by two law firms (Shibolet and Fenwick & West) shows that 89% of Israeli startups raising money in 2018 did so on higher valuations than in 2017. This compares to 81% in 2017. So not only are Israeli startups increasing in value, they are doing so at an increasing rate!

Israel’s Transportation Ministry has approved a huge expansion plan for Tel Aviv’s Ben Gurion Airport to handle an anticipated 30 million annual passengers. The NIS 3 billion scheme will add 90 check-in counters and 80,000 square meters of floor space, mainly at Terminal 3.

10 Israeli fintech startups have been chosen to take part in the 2019 Tel Aviv Barclays Accelerator. In association with US-based Techstars, the intensive 13-week program will help the startups speed up the development of their technologies and bring them to market.

Mars Inc, manufacturer of M&M’s, Snickers, and Skittles, has partnered Jerusalem Venture Partners (JVP) to pursue innovative food tech solutions in Israel. Mars will back Israeli startups, plus work with Israeli academic institutions, such as the Hebrew U, Weizmann and Technion.

Israeli startup Voom (previously SkyWatch) began life offering on-demand insurance to the owners of drones. It has now expanded to include e-scooters, motorboats, and small planes. In fact, anything you can ride, sail or fly. Its mobile app sends real-time hazard warnings, feedback, and insights.

New York’s Yeshiva University has launched its new YU Innovation Lab in partnership with Yissum, the Hebrew University of Jerusalem’s technology transfer company. It will serve as an incubator for student entrepreneurs and a home for Israeli start-ups seeking to explore US markets.

Tel Aviv-Yafo Municipality has launched a pilot project to examine using a “digital city currency”. Residents who spend at least NIS 20 five times at local businesses using the Colu app get a reward of 25 digital coins. A youth musical charity also benefits from each transaction.

Israeli-founded SafeCharge has been acquired by multinational Nuvei Corporation for $890 million. SafeCharge is listed on London’s AIM and specializes in payment processing, smart payment, and risk management technologies. It has a research and development center in Tel Aviv.