Israeli Tech Funding Jumps 23% to $9.5 Billion on Virus Demand

Israeli technology companies raised $9.5 billion so far this year, a 23% increase over 2019, as the coronavirus outbreak spurred demand for innovative solutions to overcome challenges posed by the pandemic.

Funding rounds ballooned in Israel along with the rest of the world, as the global economy relied more on technology to solve the disruptions caused by restrictions on the movement of goods and people. Unprecedented economic stimulus spurred a stock market rally -- sending tech stocks surging -- a process mirrored in the valuation of privately-held startups, according to Eugene Kandel, the chief executive officer of Start-Up Nation Central, a non-profit organization that tracks the country’s tech industry.