Miami 2024Leumi CEO: “For Israel’s 77th year of independence, we’ll establish a $77M high-tech fund”
Miami 2024
Leumi CEO: “For Israel’s 77th year of independence, we’ll establish a $77M high-tech fund”
"We are launching this new fund precisely now because we believe the industry will emerge even stronger after the war. The world needs to know that Israeli high-tech is ready to shape the global future through technology," said Bank Leumi CEO Hanan Friedman at the first Calcalist and Leumi Miami conference.
Bank Leumi CEO Hanan Friedman
(Credit: Tomeriko)
"For more than a year, Israel has been at war, and throughout this time, I have been asking myself what we, as the largest bank in Israel, can do and what our role is on a national level. For me and for the bank, the answer is clear: to continue driving the economy forward and doing everything possible to enable the Israeli economy to demonstrate its incredible resilience," said Hanan Friedman, CEO of Bank Leumi, at the first Miami conference organized by Calcalist and Bank Leumi.
Friedman elaborated on the steps the bank has taken to support Israel’s economy:
"We are working with foreign investors to give them the confidence to invest in Israel, while also making investments that reflect our belief in the economy’s immense potential. The risks are already accounted for. This conference in Miami is also part of those efforts. Now is a great time to invest in Israel," Friedman declared.
According to Friedman, "The primary growth engine of the Israeli economy is the high-tech industry, which continues to thrive even now. This is because the war has created a unique situation: we have no choice but to develop innovative, groundbreaking technologies in a short time."
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He emphasized Bank Leumi’s commitment to the high-tech sector:
"This is why we decided to take a significant step forward by establishing a $77 million high-tech fund. The amount reflects the next year of Israel's independence, and the fund will invest in companies developing new technologies, including those aimed at saving soldiers’ lives on the battlefield," Friedman announced.
"We are launching this new fund precisely now because we believe the industry will emerge even stronger after the war. The world needs to know that Israeli high-tech is ready to shape the global future through technology. A recent study by Stanford University, analyzing the origins of companies valued at over $1 billion—including 500 unicorns—ranked Israel second out of 65 countries, ahead of nations like China, Germany, and France. The study found that 52 unicorn founders hail from Israel," Friedman said, underscoring the strength of the Israeli ecosystem.
"Even today, despite extended reserve service by many in the high-tech industry—and perhaps because of it—we are witnessing numerous innovative developments. These challenges only strengthen our entrepreneurs and companies. Over the past year, we’ve seen the emergence of a new generation of entrepreneurs, and I am confident that with our new fund, many more will join them. The future of Israel will continue to be built on high-tech, creativity, and boldness," Friedman concluded.
To hear his full remarks, click on the video above.
