Israel tech startup fundraising hits $2.9 billion in second quarter

Photo source: The Times of Israel

JERUSALEM (Reuters) - Israeli tech startups raised $2.9 billion in the second quarter of 2024, the highest level in two years, IVC Data and Insights and LeumiTech said on Sunday, showing that the sector's cash-raising ability remains robust despite Israel's war with Palestinian Islamist group Hamas.

The number, based on preliminary figures, included a $965 million funding round by cyber security firm Wiz. Without it, startups raised $1.94 billion, up 19% from $1.63 billion in the first quarter.

Some 62% of the $2.9 billion total came from six deals of more than $100 million, including Wiz, while the number of first-timers and new foreign investors in Israeli tech increased in the second quarter, the report said.

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