Report: Israel tech sector still among world’s strongest
Judicial fallout and layoffs have not hurt the industry's world standing, according to a report from Dealroom.co and Tel Aviv Tech.
Israel’s tech sector continues to grow, despite significant layoffs in the past year and amid the judicial reform controversy in the country, according to a report released this week.
The Amsterdam-based Dealroom.co data firm and Tel Aviv Tech, an initiative from the Tel Aviv mayor’s office, released a report on Tuesday about the tech ecosystem in Tel Aviv and the surrounding areas. According to the report, Tel Aviv ranked third in the Europe-Middle East-Africa (EMEA) region for venture capital investment in 2022 with $6.9 billion. This was behind London with $20.5 billion and Paris with $11.1 billion. Dubai came in ninth with $1.9 billion.
Tel Aviv’s tech ecosystem has grown considerably over the past five years, according to the report. In 2022, the total value of companies in the sector reached $393 billion, up from $113 billion in 2018.
As such, Tel Aviv is one of the most valuable tech ecosystems in the world. In the EMEA region, the $393 billion figure was second only to London with $649 billion. Compared to Asian cities, Tel Aviv is behind Beijing’s whopping $1.9 trillion and other Chinese cities, but ahead of Singapore with $340 billion.
