Said Shaul Meridor, CFO of Lightricks, during a panel with Philippe Bouaziz, CFO of Deel, Aaron Mankovski of Pitango, Boaz Dinte of Qumra and Dr Guy Navon, director of Discount Tech Capital at the Calcalist and Discount Tech forum Unicorn
“It’s a tough time for companies as employee conditions tend to stay with us even after the hype ends,” Meridor said. “We have to make the right choice, compete for talent, and in that regard, Jerusalem is an advantage. No one is looking to steal talent from our lobby.”
Philippe Bouaziz, CFO of Deel and founding member of the board of directors, said: “We are recruiting 40 people per month and our product portfolio is starting to grow. Being a CFO is a challenge because I deal with the legal issue, as well as the product. It’s hard work and you have to encourage development without stopping the business, that’s the challenge. ”
According to Aaron Mankovski, Managing Partner at Pitango, “There’s a synergy when you look at growth funds, it’s a different type of investing and overall there is a synergy that works very well. It is true that the food chain goes from top to bottom. , but the market will change, the public markets will change and everyone will return to their natural place. I think over time we will see a stabilization.
Boaz Dinte, Managing Director at Qumra Capital, shed some light on the question: is there a bubble? “Last year Israeli companies were sold for a combined value of $ 100 billion, so we understand why a lot of money is being invested here. The second number is whether businesses are real, are they selling a dream, or are they real? This year there are 52 real companies, these are real companies that sell, not dream companies and not bubble companies. Mega-funds came to Israel for a reason. The market has evolved very rapidly over the past three years. I’m not saying he won. There won’t be any corrections in the private market, but when there are funds with tens of billions looking to make money, that correction will take a long time.
Dr Guy Navon, director of Discount Tech, which reports to the business division headed by Yuval Gavish, said that “there is ultimately a connection between the funders and Israeli banks. There is a real industry being built here, which goes into all fields. These are businesses that have sales, are growing, and need capital and various sources of funding. ”
Meridor added that “we have to innovate and produce all the time. I think the Israeli economy has matured, at the beginning everyone was facing exits, we are no longer there, this market is constantly changing, the funds were there at the beginning, but in the turn that we did, there are institutional investors and Israeli banks. In the end, it’s the companies with a real product that we’ll see in the long run.
Mankovski also said that “we are currently experiencing a quiet correction, not to mention it as a crisis. We see businesses building a base and generating income. But the high interest rates in the United States cannot be ignored. I think businesses that have a solid foundation will not be affected, people should continue to buy products through e-commerce, scammers will be there and you will have to defend yourself against them. ”
Meridor concluded by saying “we have workers who are not high tech professionals at all, we have gardeners, cleaners, designers – and everyone benefits from this economy. The state should not touch it. with high tech, there are places that have remained better untouched. This tsunami is something the government cannot help, the world is in the midst of a revolution, and Israel is in an excellent position for the start of the revolution. ”