Globes, Statista publish list of fastest growing companies in Israel

The Israeli news outlet Globes has published its annual list of the fastest growing companies in Israel. 

Globes’ list is based on data from the German market data firm Statista, which used the companies’ compound annual growth rate to rank them, Globes also set a criteria of a minus three million new Israeli shekel revenue ($880,000) in 2021. 

The Israeli hospitality and travel company Holisto topped the list. Holisto announced a merger with the Moringa Acquisition Corp in June to become publicly traded on the Nasdaq in New York. The merger must be completed by Jan. 1, and Holisto stock is not yet available on the exchange. 

Globes reported in September that less Israeli firms are merging with special purpose acquisition companies with the goal of becoming publicly traded. This is due to a decline in share prices of tech firms, according to the outlet. 

The education technology company Amplio was ranked second on the list, while the agtech startup BeeHero was ranked third. BeeHero, which uses artificial intelligence to improve crop pollination, recently raised $42 million in a Series B funding round. 

Fourth place on the list was BlazePod, which produces a light system used by athletes to improve speed and dexterity. American football star Odell Beckham Jr. notably uses BlazePod. 

The Israeli online food retailer Quik was fifth on the list. 

Globes included 100 companies on the list, and they are from a variety of sectors. Among the top 20, seven companies are in the information technology and software sectors. 

Why it matters: Tech in Israel and other parts of the Middle East is experiencing a downturn. The Israeli tech news outlet C-Tech has documented thousands of layoffs in the Israeli tech sector in 2022. Funding and job openings in Israeli tech are also on the decline, Doron Peskin reported for Al-Monitor last month. 

Still, Globes list indicates many Israeli firms continue to grow. 

Know more: The Israel Innovation Authority launched an initiative last month to bring 2,550 new tech workers to Israel. The authority is specifically targeting the bio-convergence and food tech sectors, among others. The initiative aims to address “human capital challenges in the tech industry,” the authority said in a statement.