Israel’s global leadership in tech exits Israel Venture Capital report
Prepared for
10-11 April 2019 Over $80 billion in tech exits since 2013
Total value ($B) and number of exits in Israel
$ 25B 90 $22.4B 80
$ 20B 70
60 $14.6B $ 15B 50 $11.6B $9.6B 40 $ 10B $9.1B $9.4B 30
$4.7B 20 $ 5B
10
– 0 2013 2014 2015 2016 2017 2018 2019YTD
Big exits in nearly each year
NAME ACQUIROR BACKERS INDUSTRY YEAR TRANSACTION
Mellanox Technologies* Bessemer Venture Partners, Dell $ 6.9B Nvidia Semiconductors 2019 End-to-end InfiniBand and Ethernet Ventures, Starboard Value ACQUISITION interconnect solutions
Frutarom International $ 7.1B Flavors & - Food 2018 Flavor and Fine Ingredients for the Food ACQUISITION and Beverage Industry Fragrances
Mobileye Intel Goldman Sachs, Morgan Stanley, $ 15.3B Transportation 2017 Vision technology for advanced driver Corporation GlenRock Israel, FIBI Holding ACQUISITION assistance systems
Giant Interactive Kaedan Capital, Caesars Interactive $ 4.4B Playtika Gaming 2016 Highly immersive social casino games Group Entertainment ACQUISITION
FUNDtech $ 1.3B D + H - Fintech 2015 Software products and services to ACQUISITION Banks
$ 900M Viber* Rakuten - Telecom 2014 Secure calls and messaging ACQUISITION
Horizons Ventures, BlueRun Ventures, Kleiner Perkins, Magma $ 1.1B Waze* Google Transportation 2013 Social navigation app Venture Partners, Qualcomm ACQUISITION Ventures
Source: Dealroom.co. Includes companies with HQ in the United States, but are Israeli founded. 2 * Has HQ outside of Israel Outperforming even the U.S. by exit value per capita
Total value ($B) of tech exits (2013-2018)
USA $1.7T
United Kingdom $185B
Germany $125B
Israel $81B
France $55B
Sweden $52B
Netherlands $37B
Total value ($B) of tech exits (2013-2018) per capita (2018)
Israel $9,356
USA $5,812
Sweden $5,240
United Kingdom $2,807
Netherlands $2,176
Germany $1,507
France $815
3 Selected recent big exits
NAME ACQUIROR BACKERS INDUSTRY DATE TRANSACTION
Goldman Sachs, Morgan Mobileye Intel $ 15.3B Stanley, GlenRock Israel, Transportation Aug 2017 Vision technology for advanced driver Corporation ACQUISITION assistance systems FIBI Holding
Frutarom International $ 7.1B Flavors & - Food May 2018 Flavor and Fine Ingredients for the Food ACQUISITION and Beverage Industry Fragrances
Mellanox Technologies* Bessemer Venture Partners, $ 6.9B Nvidia Dell Ventures, Starboard Semiconductors Mar 2019 End-to-end InfiniBand and Ethernet ACQUISITION interconnect solutions Value
$ 3.4B Orbotech KLA Tencor - Semiconductors Mar 2018 Automated Optical Inspection Systems ACQUISITION
$ 3.2B SodaStream PepsiCo Aggregate Media Food Aug 2018 Home-made sparkling water ACQUISITION
Venrock, Accel Partners, $ 2.1B Imperva* Thoma Bravo Security Oct 2018 Provides cyber security solutions Greylock Partners … BUYOUT
Netafim Permira, HSBC, Israel $ 1.5B Mexichem Food Feb 2018 Smart Drip and Micro-Irrigation Discount Bank … BUYOUT Solutions
$ 1.3B Mazor Robotics Medtronic IHCV, Medtronic Health, Robotics Sep 2018 Highly accurate spine surgery robotics ACQUISITION
NeuroDerm Mitsubishi $ 1.1B Robert Taub, The Elias Group Health Jul 2017 Treatments for central nervous system Tanabe Pharma ACQUISITION disorders
$ 1.0B SynaMedia (formerly NDS)* Permira Cisco Media Oct 2018 Shaping the Future of Video BUYOUT
Datorama* Innovation Endeavors, Cedar $ 800M Salesforce Fund, Marker LLC, Lightspeed Marketing Jul 2018 Datorama is AI-powered marketing ACQUISITION intelligence Venture Partners
$ 684M Leumi Card Warburg Pincus Azrieli Group, Bank Leumi Fintech Jul 2018 Israeli credit card issuer BUYOUT
$ 680 Otto* Uber - Transportation 2016 Self-driving trucks ACQUISITION
$ 500M Plarium Aristocrat Leisure - Gaming Aug 2017 Game-development company ACQUISITION
IMI Systems $ 495M Elbit Systems - Security Jun 2018 Development of comprehensive ACQUISITION combat-proven solutions
Magma Venture Partners, Argus Cyber Security Vertex Ventures, Motus $ 450M Continental AG Security Nov 2017 Protects connected cars and commercial Ventures, Zohar Zisapel, ACQUISITION vehicles OurCrowd
Benchmark, First Round Gigya* Capital, Mayfield Fund, DAG Enterprise $ 314M SAP Sep 2017 Customer identity management Ventures, Advance software ACQUISITION platform Publications
Avgol Indorama $ 314M - Textiles May 2018 Manufacturing lightweight nonwoven Ventures ACQUISITION fabrics
Source: Dealroom.co. Includes companies with HQ in the United States, but are Israeli founded. 4 * has HQ outside of Israel Selected recent big exits (cont’d)
NAME ACQUIROR BACKERS INDUSTRY DATE TRANSACTION
Bessemer Venture Partners, $ 300M Dynamic Yield* McDonald’s Innovation Endeavors, Auren Marketing Mar 2019 Customer engagement platform Hoffman … ACQUISITION
EPD Solutions € 250M Philips - Health Jun 2018 Electromagnetic cardiac imaging and ACQUISITION navigation systems
$ 250M Sygnia Temasek - Security Oct 2018 Cyber technology and services ACQUISITION
Magma Venture Partners, $ 250M CloudEndure Amazon Infosys, Vmware, Mitsui & Security Jan 2019 Cloud migration and data recovery Co… ACQUISITION
OrthoSpace TriVentures, Smith & $ 220M Stryker Nephew, HealthpointCapital, Health Mar 2019 Develops simple-to-implant ACQUISITION biodegradable balloon systems Johnson & Johnson United Square 1 Bank, OrbiMed, $ 216M SteadyMed Therapeutics Therapeutics/Uni Health Apr 2018 Deerfield, Adage Capital Platform for delivering injectable drugs ther ACQUISITION
$ 200M Luminate Security Symantec Aleph Security Feb 2019 Enterprise security software ACQUISITION
Viola Ventures, Vertex Ventures, Globespan Capital Enterprise $ 200M Perfecto Mobile Perforce Software Oct 2018 Mobile application testing platform Partners, FTV Capital software ACQUISITION …
Target Global, Empire Angels, $ 200M Juno* Gett (GetTaxi) Transportation Apr 2017 Platform for ride-sharing Daniel Eskapa… ACQUISITION
Horizons Ventures, Corephotonics Samsung $ 155M BetaAngels, Magma Venture IoT Jan 2019 Dual camera technologies for mobile Electronics ACQUISITION devices Partners
€ 135M Ten Bis Takeaway.com TA Associates Food Jul 2018 Food delivery platform ACQUISITION
Pointer Telocation Systems $ 140M I.D. Systems - Automotive Mar 2019 Streamlined security and fleet ACQUISITION management solutions
$ 228M Yad2 Axel Springer - Media 2014 Israeli classified site ACQUISITION
Source: Dealroom.co. Certain companies have HQ in the United States, but are Israeli founded. 5 * has HQ outside of Israel The next wave: venture capital investment in Israeli startups increasing significantly
Venture capital investment ($ billions) Number of investment rounds over $2 million (1)
Startups with HQ in Israel ($B) Startups with HQ in Israel ($B) US/UK based, Israeli founded startups ($B) US/UK based, Israeli founded startups ($B)
$ 7.0B 400 (Q1 annualized) (Q1 annualized)
350 128 $ 6.0B $ 5.8B 84 84 126 103 $ 5.0B $ 1.8B 300 $ 5.0B $ 4.6B $ 2.2B 250 111 $ 4.0B 244 $ 3.5B $ 2.3B 226 $ 2.3B 200 208 197 $ 3.0B $ 2.7B 178 $ 1.6B 150 $ 4.4B $ 2.0B $ 1.1B $ 3.6B 100 125 $ 2.7B $ 2.3B $ 1.0B $ 1.9B $ 1.6B 50
– – 2014 2015 2016 2017 2018 2019E 2014 2015 2016 2017 2018 2019E
NOTABLE ROUNDS INVESTORS INDUSTRY DATE ROUND VALUATION
$ 300M Landa Digital Printing Altana AG, SKion GmbH Media Jun 2018 $ 1.8B Digital tech for packaging and publishing GROWTH EQUITY
Insight Ventures, Vintage Investment Enterprise $ 165M JFrog Oct 2018 $ 1.0B Binary repository management solution Partners, Sapphire Ventures … software SERIES D
Shenzhen Capital Group, Phoenix Transportatio $ 132M Innoviz Technologies Holdings, New Alliance Capital, Harel Mar 2019 $ 575M n SERIES C Solid-State LiDAR & Perception Software Group, China Merchants Capital
Enterprise $ 118M Orbs - Mar 2018 - Blockchain Infrastructure as a Service software EARLY VC
Bessemer Venture Partners, Pitango Enterprise $ 110M Drivenets Feb 2019 $ 600M Next generation networks Venture Capital software SERIES A
Battery Ventures, Bessemer Venture Enterprise $ 75M Habana Nov 2018 $ 500M AI chip developer Partners, Intel Capital, WRV Capital software SERIES B
Horizons Ventures, OurCrowd, Social $ 70M MeMed Diagnostics Capital, Foxconn Technology Group Health Sep 2018 - SERIES C Developing breakthrough diagnostic …
Edwards Lifesciences , Aperture Ventures Partners, TriVentures , BRM $ 70M V-Wave Health Apr 2018 - Percutaneous implantable devices Capital SERIES C …
Semiconduct € 63M Valens Semiconductor Linse Capital, Oppenheimer & Co Nov 2018 - Provides semiconductor products ors GROWTH EQUITY
Enterprise € 60M Lightricks Insight Venture Partners, ClalTech Nov 2018 - Developing visual editing apps software LATE VC
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 1. Only rounds over $2 million are counted because small rounds are reported with delay, making it 6 difficult to compare 2018-2017 like-for like. Explore the Israeli Tech Ecosystem online: https://israel.dealroom.co
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5,875
3,306
2,355
2,250
Number of European VC rounds tracked in 2017
8