Margalit Startup City First NY Tech Hub to Return to Full Operations NY High-Tech Hub Opens its Doors to Investors and Banks as the Big Apple Gets Back to Business


8th June 2021, NEW YORK: Last night, Dr. Erel Margalit convened senior bank executives, investors and CEOs for the first in-person, high-tech meetup in the city of this size since the pandemic. The event, held at Margalit Startup City Center in New York, also marked one year since the hub’s establishment. The center is among the first to return to full operations and despite the pandemic, the companies based in the hub have raised more than $450 million in the past year.

Chairman and Founder of JVP and Margalit Startup City, Erel Margalit: “Israeli high-tech is playing a significant role in the reopening of New York, bringing Israel great pride. Everything that happens here is done out of a sense of mission and a desire to contribute, while also aiming to make Israeli companies world leaders in their respective fields.”

For the first time since the outbreak of the COVID-19 pandemic, entrepreneur, investor, Chairman and Founder of the JVP venture capital fund, Erel Margalit, convened senior bank executives, investors and high-tech CEOs at the Margalit Startup City innovation center in New York, for a series of strategic meetings focused on a post-corona “exit strategy” for New York City. The event, titled “Startup City is Back,” took place last night (Monday, June 7th), and was among the first in-person meetups, at the only innovation hub in NYC to return to full operations. Aside from its strategic importance, the event also marked a year since the establishment of the innovation center. It was attended by CEOs of JVP’s portfolio companies, partners, investors, senior representatives of the New York tech industry, NYC municipal representatives, researchers and members of the New York SoHo Artists Association.

Today, a large number of companies in New York have not returned to full-time employment and local tech hubs are mostly vacant. In an attempt to support businesses, Margalit Startup City did not close during the pandemic, and today it is the first tech center in the city to return to full operations. The center currently hosts around 30 companies, which have raised more than $450 million in the past year. It is expected to expand significantly due to the high demand of Israeli companies wishing to open representative offices at the hub. It is bustling with life, operating a café and hosting exhibitions that display the works of local and international artists.

Over 30 companies in the fields of cyber, media, fin-tech, HR, insurance and other fields, operate in the center. This includes companies that have moved their headquarters from San Francisco to New York, such as Leadspace. New companies have opened offices in the center, and the complex is expected to expand significantly in order to meet the rising demand. It has become a key meeting space for banks, investors and companies, in addition to hosting a bustling café and art exhibitions.

In the past year, Margalit Startup City has also become a home for New York artists, who have created and displayed works of art that reflect important social events that dominate the global agenda, including the murder of George Floyd and the battle against the Coronavirus. As part of an effort to enhance the connection between technological, social and cultural entrepreneurship, the center also hosts exhibitions displaying the work of local graffiti artists, in collaboration with the prestigious Studio School art institution in New York.

Chairman and Founder of JVP and Margalit Startup City, Erel Margalit: “New York business is back in full force, and Israeli high-tech is making a significant contribution to this effort. An increasing number of companies see New York city as a hotspot to expand their business in the U.S. and are joining the center that we have established here – including companies transitioning from Silicon Valley. The discourse here focuses on important processes such as branding, expansion and opening to new markets. Our companies here have raised over $450 million in the last year, and we have successfully led important connections between Israeli companies in New York and international institutions. The hub is bustling with life, but it did not happen in one day. It happened because while the world stopped, we continued to create and invite people in, in a safe and controlled manner. Our hub is also successful due to its diversity, and due to its focus not only on tech, but also on social and cultural entrepreneurship. We are expanding our space and recruiting more companies. It is exciting. And this is all done out of love for the city, and out of a mission to allow Israeli companies to stand at the forefront of global tech revolutions.”

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