Israel High Tech Scene Week In Review Mar 14 – Mar 20

Tel Aviv at sunset, Israel

Israeli Unicorns and IPOs

Startup Nation seems to be awash with new unicorns these days. A public company is valued by its market cap. This is defined by the total value of its stock. So if 100% of a company is available as stock, and there are 10 million shares trading at $10 then the company is worth $100 million. And then there are all of the billion dollar plus IPOs expected to take place this year.

EToro Now Looks To $10 Billion IPO Within Weeks (JBN)
This doubles its previous expectation of only $5 billion. Israeli startup eToro, which offers its clients a platform for managing their investments, is planning an IPO in the coming weeks that will give it a valuation of as much as $10 billion. The initial public offering will be held together with an SPAC, Calcalist reports. The company’s plans for an IPO were first revealed at the end of last December only back then it seemed like it would lead a valuation of just $5 billion.

IronSource Is Now Looking At $10 Billion IPO (JBN)
Startup nation is a flush with multi-billion dollar exits these days. Israeli startup IronSource which offers a multi-media platform now expects a valuation of at least $10 billion when it hold its initial public offering later this year. According to Bloomberg, the startup is now working with special purpose acquisition company (SPAC) Thoma Bravo on a merger for the IPO.

Israel’s Wiz Cloud Security Is Now Worth $1.7 Billion (JBN)
The startup Wiz, which offers cloud computing services, was already set to become the next Israeli unicorn. But now instead of just expecting a $1 billion valuation, it will be worth as much as $1.7 billion. According to Globes the company reached this height when it closed $130 million in new funding.

Fast-charging battery startup StoreDot closing on $3.5 billion SPAC merger (Calcalist)
StoreDot’s batteries can currently be used to power drones, electric motorcycles and scooters, and the Israeli company believes it will be able to charge electric vehicle batteries in the near future.

Yotpo The Unicorn – E Commerce Startup Now Worth $1.4 Billion (JBN)
Israeli ecommerce firm Yotpo is officially a unicorn. The company is now worth $1.4 billion after completing a $230 million Series F financing round led by Bessemer Venture Partners and Tiger Global. Yotpo has increased in value by about 50% in just six months. Just last August the Yotpo raised $75 million in a Series E financing round which then gave it a valuation under $1 billion.

Israel’s Arbe Robotics Develops 4D Imaging Radar Technology Hits $722 Million Valuation With Merger (JBN)
The merger is part of its planned NASDAQ IPO. Arbe Robotics, an Israeli startup, offers a unique 4D Radar solution. The company has sealed a Business Combination agreement with American SPAC Industrial Tech Acquisitions, Inc. (NASDAQ: ITAC), ahead of a NASDAQ IPO. The new company is valued at $723 million and will operate under the “Arbe Robotics Ltd.” name and the “ARBE” ticker symbol.

New Israeli Tech

Ilsar Truffles Uses High Tech To Make Israeli Black Winter Truffles (JBN)
First oranges, then wine and now Israel makes truffles too. Israeli startup Ilsar Truffles makes expensive black winter truffles. It does so using advanced biological technology. The company just raised $5 million in financing, led by AP Partners private equity fund, to help bring its Israeli truffles to the world.

EyeYon Medical Is An Israeli Medical Ophthalmic Device Startup (JBN)
The company just raised $25 million. EyeYon Medical is a medtech startup which develops and markets medical ophthalmic devices. It says that its devices offer relief to the unmet clinical needs of millions of patients. The company just raised $25 million in a Series C funding, led by a global strategic leader in the ophthalmic industry and CR-CP Life Science Fund.

Playtika Offers Businesses New App For New Employees (JBN)
The company also just restructured $2.3 billion of debt. Playtika, an Israeli mobile gaming company, has introduced a new app which will help job seekers get a better idea of what a company is like before going to work there, or even applying for a position. The new onboarding app comes at a time when it is harder for people to actually travel and visit a company’s headquarters to see what it is like in person due to the Coronavirus pandemic. This news comes as Playtika restructures its debt.

Incredibuild Announces $140M in Funding as Cloud Transformation Turbocharges Software Development Cycles
(PRNewswire)
Incredibuild, the software development acceleration platform, today announced a $140 million investment from ScaleUp investor Insight Partners. The investment, which includes both primary and secondary components, will help expand Incredibuild’s US operations to meet the rapidly growing demand for its software development acceleration technology. The company, which has been profitable from day one, experienced a 55% increase in revenue in the past year as businesses seek the ability to build and ship software versions faster without compromising on quality. Lead investor Insight Partners is joining Fortissimo Capital who acquired Incredibuild in 2018.

Overwolf Lets Gamers Build Expansions Onto PC Games (JBN)
Overwolf is an Israeli startup which offers an all-in-one platform that enables creators to build, distribute, and monetize in-game apps and mods. It has just launched CurseForge Core, a User Generated Content (UGC) as a service platform. The company just brought in $52.5 million in a Series C round of funding.

SafeUp App Helps Women Feel Safer Walking The Streets (JBN)
New Israeli company SafeUp now offers an app for women who feel unsafe in public spaces. The service has already been rolled out on the streets of Tel Aviv and the company expects to soon offer it in London too. SafeUP strives to increase women’s sense of security and to prevent cases of sexual and physical harassment and assault.

Cyber Security and Cryptocurrency

Cybersecurity is more important than ever. Hackers are not only motivated by money or politics. They often just like being malicious. So even small companies need to be on their guard and be sure to properly protect their systems. In recent months two different Israeli companies were ransomware attacks by the Black Shadow hackers.

Israel’s Vulcan Cyber Provides Cyber Security In An SaaS Platform (JBN)
Vulcan Cyber is an Israeli startup which offers a vulnerability remediation orchestration platform for application and cloud security. The company boasts that it is the only one currently offering this service. It just raised $21 million in a Series B round led by Dawn Capital with participation from Wipro Ventures and existing Vulcan Cyber investors YL Ventures and Ten Eleven Venture

Cryptocurrency Security Startup Fireblocks Hopes To Bring Blockchain To The World’s Biggest Banks (JBN)
Fireblocks is an Israeli fintech startup which specializes in cybersecurity. The company’s technology currently secures more than $400 billion in virtual assets. It has raised $133 million in Series C funding led by Coatue, Ribbit, and Stripes with strategic investment from The Bank of New York Mellon ( “BNY Mellon”) and SVB.

Investment Funds

Israel’s Startups: Record European Investment (Teller Report)
European investments in Israeli start-ups were higher than ever in the past year despite the Corona crisis. In 2020, 195 European sponsors invested the equivalent of more than one billion euros in start-up companies in Israel, according to an analysis by the market research company IVC Research Center.

Group 11 Raises Over $120 Million In Less Than 90 Days For Fifth FinTech Fund (JBN)
Merely 90 days had passed since Group 11 announced their intention to raise $100 million for their fifth FinTech fund. Today, the firm has announced a vastly-oversubscribed first closing with over $120 million in investor commitments.

Dovi Frances’ Group 11 announces new $120 million fintech fund (Calcalist)
Similar to its prior funds, Group 11 Fund V will invest primarily in Silicon Valley-based financial technology software companies often related to Israel through their founding teams and R&D centers. Venture capital fund Group 11, founded by Dovi Frances, has announced the first closing of its fifth fintech fund, totalling over $120 million. Group 11 announced just three months ago that it planned to raise a new $100 million fund.

Accelmed Partners closes $400m healthtech fund (Globes)
Managing partner Uri Geiger has developed the Israeli venture capital fund into a US private equity firm investing in mature growth US healthcare companies. Private equity investment firm Accelmed Partners, led by its Israeli managing partner Uri Geiger, has announced that it has closed a $400 million fund for investing in US commercial stage, health tech companies.

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