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Israeli start-ups in New York raised more than $1 billion during COVID-19

While the world economy has been heavily hurt by the coronavirus pandemic, it seems that New York-based Israelis start-ups were mostly spared. Indeed, no less than $1 billion was raised by them during the COVID-19 crisis, according to Israel Mapped in NY, an interactive map created by Israeli entrepreneur Guy Franklin in 2013, listing about 350 Israeli start-ups currently operating in New York City.

Operating for seven years now, and listing only 60 when the platform was launched in 2013 compared to almost six times as many today, the map is revealing what the hottest trends and sectors are. Between 2013 and 2017, Video, Adtech and B2C were the hot sectors, but since 2018 the focus shifted to Cyber, Fintech, Big Data & Analytics and B2B companies, along with Proptech, another thriving sector of tech applied to real estate, reported Calcalist.

The interactive map features all the start-ups in which at least one of the founders is Israeli and has a team in New York. Alongside a detailed list of companies and their fields of activities, the map also displays relevant local investors, Israeli investors that operate in New York and accelerators, according to Calcalist. 

Moreover, having operated for seven years now, the map can also identify tendencies over time. Franklin explained that “it appears that fewer companies are raising funds, but those that are, are doing so at higher amounts and in more relevant verticals.” Another trend the map reveals, he pointed out, is an increase in the number of companies founded by female Israeli entrepreneurs, with 30 currently on the list.

Interviewed by Calcalist, Franklin explained the origin of his project. “I moved to New York eight years ago to work for EY [Ernst & Young Global Limited] as an accountant in their department dedicated to technology. While I was working with the local tech community, I identified a trend that had just begun of Israeli entrepreneurs expanding their company’s operations to New York," he said. 

"Conversations with them made it clear to me that they were not all connected to each other and that they all required assistance in setting up their operations, connecting with investors, recruiting employees, and so forth."

Franklin continued: "So I decided to list the companies, but also to present them in a visual way, with an additional goal being to show that Israeli success and Israel tech were not limited to Israel and that they also had roots in New York. Presenting the companies on the platform created many opportunities for them, including exposure to investors, corporations and potential employees.

"When asked whether New York, which suffered a major blow from the pandemic, had managed to overcome the coronavirus crisis, he responded that, “in the fields of cybersecurity, ecommerce, fintech, logistics and remote work, we are actually seeing growth, despite the companies’ transition to working from home.

"Franklin also said that the tech sector was beginning to show signs of recovery, explaining that "companies that are active in these fields have managed to raise significant investment rounds – for example Axonius Inc., which raised $58 million in March and Semperis Ltd., which raised $40 million in May, both in the field of Cyber, as well as EverCompliant, which raised $35 million in September." 

But "companies that were involved in physical trade or workspaces suffered a severe blow and some of them shut down operations as early as April,” he said.

Sarah Chemla