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What our members have to say...
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"We found the AIN event to be a great opportunity to present our company profile in a 4 minute pitch format. The team provided invaluable pre-pitching coaching to assist us in preparing for the night. We would certainly participate in future events"
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Laura Issa - www.nsinnovations.com.au |
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Israel venture capital funding doubles
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Israel’s venture-capital industry rebounded in the first quarter, with the country’s startups raising $479 million, the most in two years and double the figure of the year-earlier quarter.
The latest funding figure compared with $234 million a year earlier, which was the weakest quarter in five years, according to a report by the Israel Venture Capital Research Center, a trade group for the VC industry, and by the accounting and consulting firm KPMG Somekh Chaikin.
In the latest period, 140 companies raised money, compared with 91 a year earlier. The average financing round was $3.4 million, about a third more than $2.6 million a year earlier.
The anti-government demonstrations sweeping through the country’s Arab neighbors aren’t relevant to Israel’s venture-capital situation, Kobi Simana, chief executive of the IVC, told MarketWatch.
“Investors see an opportunity here to invest in innovative Israeli companies that need funding. Israeli VCs hadn’t raised any new funds in 2010 and are reaching the end of their [current] funds,” he said. Foreign investors are picking up some of that slack, he said.
Life-sciences investments led the VC effort, drawing $127 million, or 27% of the total capital raised. Ofer Sela, a partner within KPMG Somekh Chaikin’s technology group, said in a statement that diagnostics and medical devices were particular focuses within the life-sciences segment.
Internet-related investments drew $86 million, or 18%, and software funding totaled $79 million, or 16%, the IVC reported.
On the Tel Aviv Stock Exchange late in the trading day Wednesday, the benchmark TA-25 Index nudged up 0.17% while the TA-100 Index (XX:TA100 1,204.72, -4.21, -0.35%) edged up 0.08%.
And the cost of insuring Israel’s debt against default narrowed a bit on Wednesday from Tuesday, according to the London data provider Markit.
The spread on five-year credit-default swaps, benchmarking how investors view the country’s ability to repay its obligations, narrowed 0.01 percentage point to 1.41 points. That means that it would cost $141,000 a year, down $1,000, to insure $10 million of Israeli debt against default.
Most other Middle East exchanges were higher:
The Abu Dhabi Securities Exchange’s General Index ticked up 1.02% and the Palestine Securities Exchange’s Al-Quds Index added 0.72%.
The Dubai Financial Market’s DFM Index (XX:UAEDFMGEN 1,622.58, +22.12, +1.38%) added 0.63% and the Qatar Exchange’s QE Index rose 0.5%.
The Kuwait Stock Exchange’s Market Index struggled up 0.07% and the MSM 30 Index (XX:MSM30 6,394.48, +19.44, +0.30%) on the Muscat Securities Market edged 0.03% higher.
Jordan’s ASE 100 Index (XX:ASE 0.00, 0.00, 0.00%) on the Amman Stock Exchange declined 0.72% and the Bahrain Bourse’s All Share Index moved down 0.53%.
Late in the trading day, the Saudi Stock Exchange’s Tadawul All Share Index was up 0.2% and the Istanbul Stock Exchange’s XU100 Index (XX:XU100 67,959.50, -243.93, -0.36%) advanced 1.01%.
Credit-default-swap spreads widened on Wednesday for a number of countries: by 0.07 point to 3.37 points for Egypt, 0.05 point to 1.7 points for Moroccan debt, and 0.04 point to 3.45 for Lebanese debt.
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