Over 500 VC firms voice support for Israeli startups amid war

U.S. and Asian investors have poured billions into Middle Eastern tech hub

Tel Aviv, on Israel's Mediterranean coast, has become a hub of tech startups and entrepreneurial activity in recent years. © AP

YIFAN YU, Nikkei staff writer

October 13, 2023 11:54 JST

Updated on October 14, 2023 04:10 JST

PALO ALTO, U.S. -- Over 500 global venture capital firms, including several from Asia, signed an open letter on Thursday voicing support for Israel and its tech community amid the war with Hamas.

Israel has risen to become one of the world's biggest technology hubs, attracting over $3.3 billion in venture investment this year as of Oct.10, according to data provided by PitchBook. The city of Tel Aviv, on the Mediterranean coast, came 20th in a ranking of most developed tech ecosystems in the world, a PitchBook report shows.