Tel Aviv at sunset, Israel Startup Israel
Israel High Tech Scene July 29 – August 4
New Startups / VC Funding
UroGen Raising $120 Million, Stock Surges After Positive Results in Cancer Treatment Trials
UroGen, an Israeli medtech firm developing new cancer treatments, expects to raise $120 million in new capital after the receipt of positive results from two clinical trials of its second product UGN-102 for the treatment of bladder cancer. The funds will come from a private placement to selected institutional and accredited investors led by RA Capital Management L.P. and Great Point Partners LLC led the Private Placement.
The company’s shares jumped 25% on the NASDAQ Friday afternoon… Read More Here
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Silk Security Raises $12.5 Million for New ‘Holistic’ Platform
Silk Security, an Israeli cybersecurity startup, that says its platform is the first to support sustainable cyber risk resolutions, announced the company’s public launch with $12.5 million in seed funding led by global software investor Insight Partners and Hetz Ventures.
With so many cybersecurity startups out there, people must be asking right now what makes Silk Security different from all the rest. Well, it… Read More Here
Israel’s Aleph Farms Hopes to Be First to Offer Cultivated Meat Stakes in Europe
Aleph Farms, an Israeli meat alternative company, may soon be offering its products in Europe. The company, which boasts Leonardo DiCaprio among its investors, may soon be the first company to sell cultivated beef steaks in Europe. The company submitted an application for regulatory approval for its lab-made steak to the Swiss Federal Food Safety and Veterinary Office (FSVO).
Startup Nation is no stranger to the development of eco-friendly vegetarian foods. Its local companies like Tivall have offered local consumers… Read More Here
Israel’s Voia and Skillset Make Small Raises
Skillset, an Israeli startup offering an online streaming platform currently under development, raised $1.65 million. And Voia, another Israeli startup that develops AI based technology the company says will enable anyone to produce Hollywood quality videos, raised $3 million in a pre-seed fundraising from private investors.
And this is exactly the reason why Hollywood actors are currently on strike. They fear that sometime soon AI will replace them. For now, the big stars have nothing to worry about. But soon there may no longer be a need for any extras… Read More Here
Israeli Startups 40Seas and Ansā Make Small Raises
40Seas, an Israeli fintech startup that offers a platform for cross-border trade financing, raised an additional $6 million, extending its Seed funding to $17 million in total. And Israeli coffee tech startup Ansā raised $9 million led by Jibe Ventures for its new countertop coffee roaster.
Money doesn’t make the world go round – coffee does. People don’t even know how much work goes into making that one cup of coffee. The most… Read More Here
Melio Launches Pay Over Time
Melio payments platform announced today the launch of Pay Over Time, a new product allowing small businesses to pay vendors and bills in monthly installments.
Credit Key powers the product and provides eligible small businesses instant access to capital of up to $50,000 through their Melio account.
Pay Over Time allows business owners to extend the… Read More Here
IPOS and Unicorns
Zooz Power Headed To IPO through SPAC Merger
ZOOZ Power Ltd., an Israeli provider of flywheel-based power boosting solutions for the EV charging infrastructure market, is planning and IPO by way of an SPAC merger. The merger is with NASDAQ-listed Keyarch Acquisition Corporation. Following the closing of the transaction, ZOOZ is expected to be publicly listed on NASDAQ under the symbol “ZOOZ,” and will remain listed on the Tel Aviv Stock Exchange (TASE).
Investopedia explains that an SPAC – Special Purpose Acquisition Company – is a company without commercial operations and is formed strictly to raise capital through an initial public offering (IPO) for the purpose of… Read More Here
EToro Get Low Valuation, Gets New Approval for Spanish Operations
eToro, the Israeli firm that offers its clients a trading platform, is selling off $120 million worth of shares in the company to certain early investors in a secondary share sell. Unfortunately, the deal did not bring the company any new capital as it was a secondary sale and it also left eTorro with just a $2.5 billion valuation, way down from the one time optimistic expectation of a valuation of up to $10 billion from a planned IPO that never materialized. This is just another sign of the times as the world markets continue to… Read More Here
Mergers and Acquisitions
Israel’s Rapyd Acquires PayU For $610 Million
Rapyd, an Israeli fintech startup, is acquiring PayU Global Payment Organization from the Netherlands-based investment company Prosus for $610 million. The deal, however, does not include the acquisition of PayU’s India, Turkey and Southeast Asia operations.
Rapyd said its acquisition of PayU is a strategic move that continues the company’s global expansion across emerging markets in Central and Eastern Europe and Latin America. Combined with PayU GPO, Rapyd now boasts 100+ transacting countries, over 250,000 merchant clients globally, and expansion… Read More Here
Israel’s Rookout Bought by Dynatrace for Up To $60 Million
Rookout, an Israeli startup that develops an observability platform for the debugging of code, is being acquired by Dynatrace, which offers a software intelligence platform, for an undisclosed amount. But Israel’s Calcalist reported that the deal could be worth as much as $60 million. Dynatrace currently has a market cap of roughly $16 billion on the NYSE.
Dynatrace boasts that its unified platform combines broad and deep observability and continuous runtime application security with the most advanced AIOps to provide answers and intelligent automation from data at an enormous scale. This enables, says the company, innovators to modernize and automate cloud operations, deliver software faster and more securely, and… Read More Here
Other Business Stories
Israel Saves $86 Billion from Natural Gas Use
Israel has seen unprecedented growth in its natural gas sector over the past decade. This is according to a new report released by BDO and The Israeli Natural Gas Trade Association.
Cumulative savings to Israel’s economy over the past decade, said the report, was over NIS 316 billion ($86 billion). This amounted to savings of more than NIS 120,000 ($28,000) for every household in Israel during… Read More Here
Bank of Israel Warns Benjamin Netanyahu Government’s Policies Hurting Economy
The Bank of Israel on Wednesday issued a dire warning about the state of Israel’s economy, saying it has been harmed by the legislative programs promoted by the government of Prime Minister Benjamin Netanyahu. The corps issue here is the Netanyahu government’s controversial judicial reform plan. Israel’s political opposition charges that the plan will cause irreparable damage to its democratic nature because it includes removing the power of Israel’s Supreme Court to serve as a “check” on government actions.
The warning came by way of the Bank of Israel’s financial… Read More Here
Twitter Suing Israeli Startup Bright Data
X Corp., until recently better known as Twitter, is suing the Israeli startup Bright Data. Elon Musk’s big toy Twitter claims that Bright Data has been “scraping” information – in other words stealing – from X Corp which the Israeli firm allegedly then uses for its own purposes.
According to a lawsuit filed in the U.S. District Court for the Northern District of… Read More Here
Israel’s SolarEdge Enters JV with Saudi Firm for Developing Renewable Energies in Saudi Arabia
In yet another incredible example of the continuing thaw between Israel and its longtime Arab adversaries, SolarEdge, an Israeli producer of alternative energy resources, formed a joint venture (JV) with Saudi Arabia’s Ajlan & Bros Holding (ABH), one of the largest private sector conglomerates in the Middle East and North Africa region. The JV entity will be established in Riyadh, Kingdom of Saudi Arabia.
It’s incredible how far Israel has come since the Abraham Accords were… Read More Here
