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The tech sector is a key driver of Israel’s financial system, accounting for shut to twenty% of output, 12% of jobs, greater than 50% of exports and 25% of tax revenue.
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“The high-tech sector is a central and vital pillar of the Israeli financial system, and we should guarantee range in its sources of funding,” mentioned Finance Minister Bezalel Smotrich.
“We’re in a interval the place we have to plan a method for transitioning from struggle to progress, and good funding in Israeli high-tech is among the first steps we’re advancing,” he mentioned, referring to Israel’s six-month-old struggle with Palestinian Islamist group Hamas.
Historically most funding has come from enterprise capital funds slightly than institutional traders. The brand new Yozma 2.0 fund goals to vary that, providing insurance coverage firms, pension funds and different institutional traders a mechanism to reinforce returns on their investments in tech-focused Israeli enterprise capital funds over the following 20 months.
The fund is being launched by each the innovation authority and finance ministry and can direct $160 million in public cash to enterprise capital funds supporting Israeli tech firms.
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The Israel Innovation Authority mentioned it could contribute 30 cents for each greenback of institutional funding as a part of this system. It can additionally waive its relative share of returns from these investments, both absolutely or partially, with the intention of enhancing returns for the establishments concerned. Alon Stopel, chairman of the authority, mentioned the transfer is designed to assist early-stage Israeli tech firms, significantly these in deep know-how sectors, and guarantee a “strong funding setting” for Israeli startups within the coming years.
