US research company Startup Genome ranked Tel Aviv seventh in an annual survey of the world's best ecosystems for startups.
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"Israel has more startups per capita than any nation in the world thanks to its tight-knit entrepreneurial community, impressive R&D capabilities, educated population and strong government support," noted Startup Genome.
Tel Aviv's startups are valued at $120 billion and raised a record-breaking $20 billion in 2021, making up 63% of the country's total. In addition, the city had 30 unicorns, which are companies valued at more than $1 billion, and 20 that went public, raising $4 billion.
In 2021, cybersecurity companies raised $8.8 billion, triple the amount from the previous year, according to the research firm.
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Other reasons for startups moving to Tel Aviv include tax benefits and deductions for single investors that invest in R&D during a company's initial stages. Israel's Ministry of Economy also offers wage subsidies for specific groups such as students and minorities.
JNS.org contributed to this report.
