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July 14, 2016 2:50 am

Israeli Startups Raise $1.7 Billion During Second Quarter, Report Says

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The Gett logo. The mobile app raised $300 million in the second quarter. Photo: Wikimedia Commons.

The Gett logo. The mobile app raised $300 million in the second quarter. Photo: Wikimedia Commons.

JNS.org –  Israeli startups raised $1.7 billion in the second quarter, which is more than half of the financing raised in the first quarter, according to an IVC Research Center and KPMG report released on Wednesday.

A company known for its hailing taxis mobile app, Gett, raised $300 million, the largest of the 187 deals made in the quarter. The average financing deal was $9.2 million, higher than the averages in the first quarter of 2016 ($6.5 million) and the second quarter of 2015 ($6.7 million).

“All indicators point to a healthy and vibrant ecosystem that continues to mature and generate new companies,” Ofer Sela, a partner at KPMG Somekh Chaikin’s Technology group said in the report.

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According to Koby Simana, CEO of IVC Research Center, an Israeli company specializing in analyzing and monitoring the country’s high-tech industry, “The clear increase in large deals is driven by the enhanced activity of foreign investors – primarily corporate investors and VC funds – in growth-stage companies. However, the increase is not limited to top-tier deals.”

“We are also seeing an increase in lo to mid-range deals, with those between $5 million and $10 million jumping 50 percent, to a record $234 million. This across-the board trend lends us to believe 2016 will continue to be strong in capital raising, with a projected 20 percent year-on-year increase, or about $5.3 billion in total to be raised by the end of the year,” Simana concluded.

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