Israel's hi-tech companies set record in fund raising in H1 despite COVID-19

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JERUSALEM, July 8 (Xinhua) -- Israeli hi-tech companies raised about 5.24 billion dollars in funds in the first half of 2020, setting an all-time record despite the coronavirus outbreak, the Israeli IVC Research Center reported Wednesday.

This is a 13.9 percent increase from the 4.6 billion dollars raised in the second half of 2019, and a 39.4 percent jump compared to the first half of last year, when a total of 3.76 billion dollars was raised.

The number of deals in the first half, 312, also set a new record, compared to the previous record of 287 deals recorded in the second half of 2018, according to the Israel Tech Funding Report, written by IVC and ZAG-S&W law firm.

According to report's authors, "the surprising current results point to the strength of the Israeli hi-tech industry, which will form the basis of the economy's growth in the post-coronavirus time."

However, they added that the second half of the year might yet demonstrate a notable slowdown in financial activity and capital raising efforts by Israeli hi-tech companies. Enditem

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