In the grip of an economic slowdown, Israel’s high-tech sector continues to suffer from falling valuations and investments, as well as unprecedented staff cuts.
Worldwide, CB Insights reports: “The unpredictable market climate has spooked investors, who are investing in fewer (and smaller) trades, while seeking better downside protection for the trades they accept.”
And yet, in October, Israeli startups brought in more than $700 million in fundraising, according to globes. So far in 2022, reported investments total $14.2 billion.
October investments include three funding rounds of $100 million or more.
Most notable was TripActions, which raised $300 million at a valuation of $9.2 billion. This is the third round of funding for the 2,500-employee company in three years.
TripActions, which is fast becoming the benchmark for global business travel and expense management, was founded five years ago by Israelis in California and recently opened an R&D center/head office in the Middle East. East in Tel Aviv. The company also has offices in Palo Alto, San Francisco, New York, Seattle, Dallas, Austin, London, Amsterdam and Sydney. The new cash injection will help TripActions open locations in Portugal, Germany, France and the UK.
“From the start, TripActions revolutionized business travel by automating, personalizing and professionalizing the experience,” said investor Ben Horowitz, general partner at Andreessen Horowitz. “Despite a pandemic that crippled business travel, the company doubled down on innovation efforts and now those bets are paying off.”
Tel Aviv-based ad tech company open web (formerly Spot IM) completed a $170 million seed round at a $1.5 billion valuation. The company, which has offices in New York, Toronto, San Diego, London, Paris and Kyiv, made two acquisitions this year.
Trigoa Tel Aviv-based computer vision company that builds the infrastructure for autonomous retail stores and retail analytics, has raised $100m in a new round of equity funding to deploy self-contained urban supermarkets at scale across Europe and the United States, enter new geographies, and grow its full suite of store and inventory management software applications, StoreOS.
Trigo’s without friction checkout systems are deployed at Tesco (UK), ALDI Nord (Netherlands), REWE Group (Berlin and Cologne), Netto Marken-Discount (Munich), Shufersal (Israel) and Wakefern, the largest cooperative owned by retailers in the United States.
This article was first published by Israel21c.
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