Israel says $450 million invested in local VCs to support tech innovation

Around $450 million in public and private money has ‍been invested in nearly a dozen Israeli venture capital funds under a programme ⁠aimed at sustaining technology investment during a slowdown in VC markets, a government body said on Tuesday.

The tech sector is a key driver of ‌Israel’s economy, accounting ‌for 20% of output, nearly 15% of jobs and more than 50% of exports.

The ‌investment in 11 Israeli venture funds was made through two tracks in the Israel Innovation Authority’s Yozma Fund – the Institutional Investors Incentive Program and the Deep Tech Funds Program.