Boris Johnson wants to encourage more IsraelI firms to be based in London, and entrenchthe capital’s position as the leading European destination for IsraelI technology companies looking to expand overseas.
The Mayor is on a three-day trade mission to Israel, and research from the Mayor’s promotional company London & Partners and IVC-Online found London is the number one city in Europe for IsraelI tech firms looking to list on the stock market.
Businesses were reportedly won over by the easy access to capital and strong entrepreneurial culture. VC investment has been at record levels, reaching over $1.7bn since the beginning of the year already outpacing the $1.3bn raised during the whole of 2014.
Tech companies made up over three quarters of all IsraelI firms listed on the LSE and over the past five years, they have raised over 240m through those listings.
There are currently 16 IsraelI tech firms listed across LSE’s markets with a combined market value of 3.7bn.
Nikhil Rathi, chief executive of the London Stock Exchange, said: London Stock Exchange is committed to ensuring ambitious, fast-growing businesses from around the world have access to equity capital.
He added that Israel is world-renowned for its impressive record in nurturing technology startups and we believe London is the natural destination for these companies when they look to raise finance to grow on the international stage.
In 2014, the LSE saw more firms from Israel list on its markets than any other country outside the UK, and RathI mentioned being particularly excited to see IsraelI company eToro join its business support programme, ELITE.
The Mayor will attend several events across Tel Aviv, including to the Tel Aviv Stock Exchange and Google Campus in a bid to up trade links with London.
Johnson said: London is the natural tech partner for IsraelI firms looking to expand. With access to a world class talent pool and a booming digital economy it is no surprise that IsraelI tech companies are making London their home and choosing the London Stock Exchange as their international market for expansion.
UK workspace provider Central Working has also outlined plans to bring 20 IsraelI startups to the capital. The firms chosen will be based at one of Central Working’s four London locations and have access to mentoring support to fuel growth.
James Layfield, CEO of Central Working, has been appointed a tech ambassador for London by the Mayor, joining the likes of Tech City UK chair Eileen Burbidge and Unruly CEO Sarah Wood in helping promote the London tech sector internationally.
in my opinion London will be the global city of choice for tech innovation within the next five years, Layfield said. Our digital entrepreneurs are already competing fiercely with those from New York and Silicon Valley.
A recent report from Nesta and the European Digital Forum found London was the best city in Europe for digital entrepreneurs both looking to start a business and scale it up.