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Survey Methodology


The IVC-KPMG High-Tech Survey reviews capital raised by Israeli high-tech companies from Israeli and foreign venture capital funds as well as other investors, such as investment companies, corporate investors, incubators and angels.

Survey Reach: The Survey consists of a detailed questionnaire distributed each quarter to a list of over 150 investors, requesting data regarding deals made in the quarter, including new commitments and tranches. We cross reference the data received from participants and complete the data by soliciting further information from additional investors and from the companies that received the investments.

Companies: The companies included in the Survey are companies addressed by the IVC-Online Database as Israeli and Israel-related high-tech companies. For our definitions, please see our Keyword Glossary.

Investors: We cover investments made by VC funds, including Israeli venture capital funds (Israeli VCs) and foreign venture capital funds (foreign VCs), as well as investments made by other investors, which include: foreign and local investments companies, corporate investors, incubators, accelerators and private investors (angels and angel clubs). Investments made by private equity funds (PE Funds) are surveyed separately in our IVC-GKH Israeli Private Equity Survey.

Deals: The Survey includes all capital directly and/or privately invested in Israeli high-tech companies, including financing and equity rounds, venture lending and PIPEs. The survey does not include turnaround, mezzanine and buyout deals – these are included in our PE Survey. Also excluded are government sourced R&D grants and OCS funding.

Investments – capital commitments vs. tranches: When reporting capital raised in a certain period we refer to the capital commitment made by participants in the round. In some cases we report on the period’s tranche or the actual capital invested in a company, rather than the commitment. For example: if a $10 million round is reported in company C in a previous quarter, where half the amount was transferred to the company (tranche A) and half is contingent on meeting milestones (tranche B), we will report only the tranche A $5 million dollar as being raised by the company in the previous quarter.

Survey Terminology


The Survey makes a distinction between three aggregate amounts: capital raised by high-tech companies, capital raised in VC-backed rounds and Israeli VC-fund share.  

Capital Raised by High-Tech Companies:
That would be the total sum of investments made in Israeli high-tech companies in the period described.

VC-Backed Rounds:  A portion of the deals, where at least one participant is a venture capital fund, either Israeli or foreign, are referred to as VC-backed rounds. The sum of capital raised in such rounds is aggregated to a number and presented as capital raised in VC-backed rounds.

Israeli VC Funds Share: In this section of the survey we report only investments made directly by Israeli VC funds in Israeli or Israel-related high-tech companies.

 

Frequently Asked Questions

 » 
Why are there discrepancies between IVC-Online data, and the Survey data?
  While IVC-Online is based on various public sources, the Survey is fully committed to confidentiality of participants, so data from the Survey is not published in IVC-Online, unless participants give their explicit authorization.

 » How reliable is the Survey data?
  The Survey data is extremely reliable since more than 95% of Israeli investors, and over 80% of foreign investors are participating in the survey and contribute data to it. Moreover, we are fully committed to cross referencing the data supplied by participants, so over 95% of the data is confirmed from at least two sources.

 » How is the IVC-KPMG Survey different from other surveys?
  You may have seen other surveys that discuss venture capital investments in Israel, however, most other surveys differ from the IVC-KPMG Survey in a number of parameters: 1) Other surveys sample only VC fund investments, mostly covering only VC-backed deals; 2) They do not cover the full scope of  capital raised by the entire high-tech industry in Israel, only a certain portion of it 3) They use sample-based methodology reaching only a portion of investors directly, and none of the companies, whereas we are committed to tapping the full population of investors as well as cross referencing our data with information sourced from the companies raising capital.
   

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