Visitors wearing virtual reality (VR) headsets interact with a display by the Israel Aerospace Industries, at a technology exhibit at the Peres Center for Peace and Innovation in the Israeli coastal city of Tel Aviv on September 3, 2019.
Over 470 American and Asian VC firms signed an open letter to show their support for Israel; one of the world's most innovative high-tech countries.
These venture capital companies explained the importance of the Middle Eastern nation in global innovation, saying that they deeply respect Israel's "unwavering" commitment to technological advancements and other innovations.
Over 470 VC Firms Show Support for Israel in an Open Letter
According to Nikkei Asia's latest report, most of the VC firms that signed the open letter are in the United States. Others are from Asian countries, such as Singapore.
Previously, data provided by research firm PitchBook revealed that Israel has become one of the biggest technology hubs across the world.
The country was able to attract more than $3 billion in venture investment as of Oct. 10. Meanwhile, PitchBook revealed that Tel Aviv is now the 20th most developed tech ecosystem in the world.
All these details clearly show that Israel is making a big impact in the technology and innovation sectors.
"Israel has been an enduring partner to the global innovation ecosystem, fostering groundbreaking technological advancements and startup innovation," said VC firms in the open letter.
They added that the contributions of Israel in terms of technology, entrepreneurship, and research are indispensable.
"Israel has shown up time and time again for the world in times of need, it is now our time to step up to the plate and to support Israel and the Jewish people," they said.
As of press time, the open letter already received signatures from 473 venture capital firms. Some of these companies are the following:
- Bedford Ridge Capital
- Abstract Ventures
- Civics Capital
- Chartered High Tech
- Union Labs VC
- WEVE Acceleration
- ATTA Ventures
- Blumberg Capital
- Abstract Ventures
- Blumberg Capital
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Why Open Letter is Big Deal for Israel
A Ryanair passenger aircraft takes off while a demonstrator waves an Israeli flag during a protest against the controversial judicial reform bill, outside the terminal of Israel's Ben Gurion airport March 15, 2023 as Prime Minister Benjamin Netanyahu heads to Germany on an official visit.
Aside from highlighting the importance of Israel in the tech sector and its contributions, the open letter also condemned the "heart-wrenching" attacks of the terrorist group called "Hamas."
VC firms said that they are urging the global venture community to engage with Israeli startups, investors, and entrepreneurs, and support the Middle Eastern nation as go through challenging times.
But, the question is, how is the open letter helpful to Israel? Forbes reported that a public statement/open letter may not be directly impactful.
However, the open letter is still a big deal since it is a sign that VC companies will continue doing business with Israel despite the ongoing war.
"Just from a psychological perspective, I think it helps to see the reaction," explained Symbol's managing partner Yuval Ariav.
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