Israel churns out tech unicorns
Another 16 Israeli companies passed the billion-dollar valuation target in 2020.
It’s said that times of crisis are also opportunities for those who know how to find them. If we judge by the number of Israeli start-up companies that became unicorns during the pandemic — companies worth more than $1 billion — Israeli high tech has found plenty.
No fewer than 16 Israeli companies became unicorns in 2020, about 10% of new entries globally, and in the first quarter of this year another seven companies joined them.
The latest was Yotpo, which raised investments of $230 million, with a valuation of $1.4 billion. The company offers solutions and products to manage client connections in e-commerce, a field that grew exponentially in the last year because of physical restrictions on retail. Yotpo counted 30,000 clients this past year, among them huge corporations and brands like IKEA, Patagonia and Steve Madden.
Israel, a country of nine million citizens, is full of young entrepreneurs developing ideas for the new world of commerce.
