Tel Aviv’s ecosystem generated $253 billion, marking a 47% compound annual growth rate.

Tel Aviv, tied with Los Angeles, moved up one spot from last year, ranking just behind Silicon Valley, New York City, and London. Tel Aviv Mayor celebrated this achievement, emphasizing the city’s resilience and innovative spirit amidst challenging security circumstances.

“Last year, we stood in fifth place; and now, we proudly hold the fourth spot, the innovative spirit of the city. Surpassing obstacles, we stand shoulder to shoulder with global tech hubs like New York and London,” the Tel-Aviv Mayor remarked.

The report highlights Tel Aviv’s thriving tech startup ecosystem, which has created significant value from exits and funding, making it the leading ecosystem in the Middle East and North Africa region. Between July 2021 and December 2023, Tel Aviv’s ecosystem generated $253 billion, marking a 47% compound annual growth rate.

Tel Aviv also ranks among the top ecosystems globally for early-stage funding and investor activity. Major global corporations such as Volkswagen, Citi, Hyundai, and Visa have established innovation centers in the city, with more planned for the future.

In May 2023, Tel Aviv University (TAU) launched a new aggregation center for innovation, and in December 2023, the Israeli government announced a $27.6 million initiative to establish nine additional innovation centers.

Source: TLV Press