Despite slowdown, Israeli tech companies attract major investments
Big investments announced in recent weeks in Israeli start-up companies might indicate that the slowdown, the layoffs and other difficulties facing the global high-tech industry might be temporary.
Like so many other places in the world, Israel’s high-tech industry has started to slow down somewhat, especially when compared to the rapid growth of the last few years. This is evident from the decline in new hires, layoffs and even the closure of some smaller firms.
For example, Reali, a company founded by Israelis, which developed a platform for the acquisition of real estate, announced last August that it would cease operation. The company laid off its eight employees in Israel, as well as another 130 employees in the United States. This came after the company raised $100 million last year, including a significant investment from football legend Joe Montana. According to Reali CEO Tyler Baldwin, the company is closing due to a slowdown in the overall real estate market caused by the international economic situation and the resulting difficulty in raising funding.
