The venture capital funds Disruptive and Disruptive intend to withdraw their funds from Israel

Posted on Jan 27, 2023 by Ifi Reporter

The venture capital funds Disruptive and Disruptive AI of Tal Baranach have informed their investors of their intention to withdraw the fund's funds from Israel and transfer them abroad. The funds together manage 250 million dollars. In doing so, they join the announcement made this morning by Einat Gaz, of Papaya Global, that the company will withdraw its funds from Israel following the revolution the emerging legal
Bernach is one of the most well-known and respected investors in Israel who previously invested in companies such as Iron Source, Anodot, Taylor Brands and others. Among the investors in his funds are Eil Waldman, the founders of WIX and also the entrepreneurs of Iron Source.
High-tech companies raise the money that finances their activities in dollars and convert it to shekels for the needs of salary payments in Israel and payment for the offices. In the last three years, only the private companies, i.e. the Israeli start-ups, raised more than 50 billion dollars from investors abroad, tens of billions of dollars flowed into companies issued on Wall Street and at the same time there is a constant flow of dollars to Israel to finance the activities of the international companies operating here.
A decision by high-tech companies to withdraw their cash balances from banks in Israel may affect both the shekel and the Israeli banks, if there is an accumulated mass of such operations in a short time. A company like Papaya does spread its cash balances in the countries where it has offices, but most of them are located in Israel. Papaya has about 600 employees worldwide. The company, founded in 2016 by Einat Gaz, Reuven Drong and Ofer Herman, develops a system for the global management of employees, wages and benefits - whether they are direct employees, outsourcing employees, subcontractors or global employees employed by the employment companies on behalf of the parent companies. The company's system already handles employees in more than 140 countries around the world.


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