This year’s top company is a travel-tech startup founded during the Covid pandemic.



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Rank Name EN City Industry Absolute Growth Rate [in %] Compound Annual Growth Rate (CAGR) [in %] Revenue 2018 [in million Shekels] Revenue 2021 [in million Shekels] Number of employees 2021 Founding Year Listed on Stock Exchange
1 Holisto Rishon LeZion Hospitality & Travel 17420.9% 459.6% 0.3 48.7 268 2015 No
2 Amplio Haifa Education & Social Services 15400.0% 437.2% 0.3 46.5 88 2014 No
3 BeeHero Tel Aviv AgTech 6504.1% 304.2% 0.4 24.3 29 2017 No
4 BlazePod Tel Aviv Sports Tech 2738.2% 205.0% 1.6 41.3 30 2015 No
5 Quik (previously Bring Bring Solutions) Rishon LeZion Food & Beverages 2041.9% 177.7% 7.7 164.8 119 2017 Yes
6 group 107 Tel Aviv IT & Software 1982.5% 175.1% 0.8 16.2 272 2015 Yes
7 Dotz Nano Kfar Saba Electrical Manufacturing 1878.5% 170.5% 55.3 984.4 NA 2015 Yes
8 Value Capital One Ramat Gan Fintech, Financial Services & Insurance 1673.4% 160.8% 6.6 117.8 NA 1960 Yes
9 Kueez Tel Aviv Media & Telecommunications 1258.4% 138.6% 13.1 177.8 16 2016 No
10 monday.com Tel Aviv IT & Software 858.9% 112.5% 115.5 995.9 1064 2012 Yes
11 Baba Entertainment Tel Aviv IT & Software 834.2% 110.6% 4.5 42.1 37 2015 No
12 Datarails Tel Aviv IT & Software 810.6% 108.8% 1.2 9.7 156 2015 No
13 Kendago Kiryat Ono Advertising & Marketing 612.3% 92.4% 24.5 174.9 90 2011 No
14 Safe-T Group Herzliya IT & Software 601.3% 91.4% 5.3 33.2 60 2013 Yes
15 MediWound Yavne Pharmaceuticals & Cosmetics 598.7% 91.2% 12.2 76.8 67 2000 Yes
16 Tabit Kibbutz Yakum IT & Software 583.0% 89.7% 8.4 51.6 182 2013 No
17 Karma Tel Aviv IT & Software 581.3% 89.6% 3 18.5 72 2013 No
18 PetroTX L.P. Tel Aviv Energy & Utilities 542.2% 85.9% 7.1 41 NA 2006 Yes
19 Global-e Petah Tikva Ecommerce 534.8% 85.2% 138.9 792.7 473 2013 Yes
20 Turpaz Holon Manufacturing 498.4% 81.6% 51.3 275.8 400 2011 Yes
21 Nutritional Growth Solutions Tel Aviv Food & Beverages 480.2% 79.7% 1.9 9.8 NA 2013 Yes
22 PiKoYa Haifa IT & Software 443.8% 75.8% 21.4 116.1 33 2010 No
23 WAY2VAT Tel Aviv IT & Software 360.3% 66.3% 1 4.3 47 2016 Yes
24 Bikurey Hasade Holdings Kiryat Malakhi Food & Beverages 347.0% 64.7% 365.8 1635 1573 1950s Yes
25 Moburst Kfar Saba Advertising & Marketing 343.6% 64.3% 9.5 38.1 65 2013 No
26 Morphisec information security Be’er Sheva Cybersecurity 338.9% 63.7% 15.5 61.2 108 2014 No
27 Moveo Group Tel Aviv IT & Software 333.2% 63.0% 10.2 44.3 200 2015 No
28 BTB – Be The Bank Tel Aviv Fintech, Financial Services & Insurance 326.1% 62.1% 6.7 28.7 39 2014 No
29 Enlight Renewable Energy Rosh HaAyin Energy & Utilities 320.8% 61.4% 78.6 330.9 95 2008 Yes
30 Rada Netanya Electrical Manufacturing 318.2% 61.1% 100.8 378.9 308 1970 Yes
31 Tap Mobile Be’er Sheva IT & Software 315.4% 60.7% 5.8 23.9 22 2011 No
32 Fiverr Tel Aviv Advertising & Marketing 294.2% 58.0% 271.4 962 787 2010 Yes
33 Talor Karadi Group Ashdod Waste management & recycling 291.9% 57.7% 25.9 101.6 59 2008 No
34 Zabilo.com Tel Aviv Ecommerce 280.0% 56.1% 5.5 20.8 10 2017 No
35 NextVision Ra’anana Aerospace & Defence 276.0% 55.5% 14.4 48.6 32 2009 Yes
36 InMode Yokneam Health Care & Life Sciences 257.0% 52.8% 360 1155.6 362 2008 Yes
37 ZIM Haifa Logistics & Transportation 230.3% 48.9% 11674.4 34673 5931 1945 Yes
38 Adcore Tel Aviv IT & Software 226.3% 48.3% 30.8 90.4 55 2005 Yes
39 CollPlant Rehovot Health Care & Life Sciences 225.0% 48.1% 17.3 50.5 66 2004 Yes
40 Luzon Group Ra’anana Construction & Engineering 194.7% 43.4% 713.9 2103.9 78 1961 Yes
41 Rapac Kfar Netter Electrical Manufacturing 185.2% 41.8% 422.1 1203.9 NA 1964 Yes
42 blender Ramat Gan Fintech, Financial Services & Insurance 174.5% 40.0% 4.5 12.3 83 2014 Yes
43 Trendemon Netanya IT & Software 165.6% 38.5% 1.7 4.6 15 2015 No
44 Peninsula Tel Aviv Fintech, Financial Services & Insurance 162.7% 38.0% 58.4 153.3 53 1970 Yes
45 Ellomay Tel Aviv Energy & Utilities 155.4% 36.7% 74.6 171.2 20 1987 Yes
46 Photomyne Bnei Brak IT & Software 151.2% 35.9% 17.6 39.8 26 2014 Yes
47 SHINEZ Tel Aviv IT & Software 151.2% 35.9% 47.7 119.9 27 2017 No
48 Gencell Petah Tikva Electrical Manufacturing 145.2% 34.9% 8.1 17.9 129 2011 Yes
49 Nayax Hunt Valley, Maryland, U.S. Electrical Manufacturing 144.6% 34.7% 175.1 385 550 2005 Yes
50 Baysberg Team Ramat Gan Advertising & Marketing 141.7% 34.2% 3.6 8.7 20 2013 No
51 Rotem Shani Herzliya Construction & Engineering 140.9% 34.1% 149.1 359.2 16 1996 Yes
52 Kornit Digital Rosh HaAyin Manufacturing 126.2% 31.3% 511.8 1040.7 882 2002 Yes
53 Camtek Migdal HaEmek Electrical Manufacturing 118.9% 29.8% 442.7 871.5 404 1987 Yes
54 Menif Financial Services Ramat Gan Fintech, Financial Services & Insurance 118.3% 29.7% 55.2 120.6 NA 1999 Yes
55 YL Marketing Jerusalem Management Consulting 117.6% 29.6% 4.3 9.4 24 2014 No
56 INUITIVE Ra’anana IT & Software 117.6% 29.6% 8.9 19.3 77 2012 No
57 NeoGames Tel Aviv Leisure & Entertainment 114.9% 29.1% 84.4 163.1 336 2014 Yes
58 Wix Tel Aviv IT & Software 110.3% 28.1% 2170 4103.3 5929 2006 Yes
59 SolarEdge Herzliya Electrical Manufacturing 109.5% 28.0% 3368.9 6346.8 3694 2006 Yes
60 A.M.T Agriculture L.T.D Giv’at Ada Agriculture, Forestry & Fishing 105.9% 27.2% 4.4 9.1 7 2005 No
61 Fox Ben Gurion Airport Apparel & Fashion 102.7% 26.6% 2072 4200.2 6800 1942 Yes
62 TopGum Sderot Food Tech 101.0% 26.2% 53 106.5 105 2004 Yes
63 SHOEZ Tel Aviv Apparel & Fashion 98.7% 25.7% 2.7 5.4 14 2014 No
64 RACHIP Bnei Brak IT & Software 98.6% 25.7% 15.1 30.1 158 2007 No
65 M.L.R.N Projects and Trading Tel Aviv Fintech, Financial Services & Insurance 96.7% 25.3% 44.7 87.9 NA 2008 Yes
66 Pharmocann Global Ramat Yishay Health Care & Life Sciences 96.0% 25.2% 14.8 29 46 2008 Yes
67 One Software Technologies Petah Tikva IT & Software 90.1% 23.9% 1432.4 2722.7 3864 1973 Yes
68 StoreYa.com Ramat HaSharon Advertising & Marketing 87.4% 23.3% 17 31.8 12 2012 No
69 Orian Modi’in Logistics & Transportation 85.2% 22.8% 598.1 996 900 1953 Yes
70 Azorim Tel Aviv Construction & Engineering 83.8% 22.5% 821.7 1510 94 1964 Yes
71 BrainsWay Jerusalem Health Care & Life Sciences 80.9% 21.8% 58.9 95.8 118 2003 Yes
72 HomeBiogas Beit Yanai Manufacturing 79.2% 21.5% 5 8 70 2012 Yes
73 Ilex Medical Petah Tikva Health Care & Life Sciences 76.5% 20.9% 601.1 1061 443 1990 Yes
74 Nova Rehovot Electrical Manufacturing 65.7% 18.3% 902.7 1344.8 1000 1993 Yes
75 G Medical Innovations Rehovot Health Care & Life Sciences 65.2% 18.2% 11 16.3 73 2014 Yes
76 Quicklizard Petah Tikva IT & Software 65.0% 18.2% 6 9.8 53 2010 Yes
77 Identi Medical Netanya Health Care & Life Sciences 64.2% 18.0% 4.9 8.1 21 2017 Yes
78 Automatic Banking Systems Holon Fintech, Financial Services & Insurance 59.5% 16.8% 69.2 110.4 104 1978 Yes
79 Sapiens Holon Fintech, Financial Services & Insurance 59.1% 16.8% 1041.4 1490 4800 1982 Yes
80 Daniel (Adir Yeoshua) Ltd Ramat Gan Employment Services 53.4% 15.3% 1492 2288.7 3870 1974 Yes
81 TRM RIHUT Amka Manufacturing 52.4% 15.1% 7.9 12 13 2002 No
82 Allot Hod HaSharon IT & Software 51.9% 15.0% 344.5 470.6 741 1996 Yes
83 Nextcom Kfar Yehoshua Media & Telecommunications 49.7% 14.4% 345.3 517 386 1992 Yes
84 Aran Caesarea Professional, Scientific & Technical Services 49.3% 14.3% 137.8 205.7 180 1982 Yes
85 Razor Labs Tel Aviv IT & Software 48.0% 13.9% 9.6 14.2 90 2016 Yes
86 Shaniv Paper Industry Ofakim Manufacturing 46.7% 13.6% 394.4 578.4 604 1988 Yes
87 Baladi Timorim Food & Beverages 45.9% 13.4% 648.8 946.6 700 1916 No
88 MIND Yokneam IT & Software 45.2% 13.2% 65.2 85.1 NA 1995 Yes
89 Lesico Holon Construction & Engineering 44.5% 13.0% 452.2 653.2 240 1969 Yes
90 Kardan Israel Ltd Tel Aviv Real Estate 43.4% 12.8% 455 652.6 96 1988 Yes
91 Elbit Systems Haifa Electrical Manufacturing 43.3% 12.7% 13241 17059.1 17787 1966 Yes
92 Polyram Plastic Industries Ram-On Chemicals 42.5% 12.5% 636.8 907.1 280 1986 Yes
93 AudioCodes Lod Media & Telecommunications 41.3% 12.2% 633.4 804.5 885 1993 Yes
94 Birman Wood & Hardware Tveria Manufacturing 40.6% 12.0% 280.9 394.8 200 1932 Yes
95 Tigbur – Temporary Professional Personnel Ramat Gan Employment Services 39.5% 11.7% 732.5 1021.9 7970 1981 Yes
96 Victory Yavne Retail 38.6% 11.5% 1667.8 2311.9 3086 1993 Yes
97 Tomedes Holon Professional, Scientific & Technical Services 38.3% 11.4% 13.4 18.6 25 2007 No
98 RoboGroup Rosh HaAyin Construction & Engineering 38.1% 11.4% 42.6 53 131 1982 Yes
99* Telrad Lod Electrical Manufacturing 38.0% 11.3% 466.3 578.5 400 1951 Yes
100 Arad Group Dalia Electrical Manufacturing 37.9% 11.3% 773.6 909.2 1038 1941 Yes



This year’s fastest growing company in Israel is travel-tech company Holisto with average annual growth of about 460% between 2018 and 2021 and revenue of $15.1 million.

Holisto was founded in 2015 by CEO Eran Shust, CTO Avi Wortzel and CRO Dr. Shay Horovitz. It officially launched its product during the Covid pandemic. The timing saw its revenue grow from $86,000 in 2018 before the launch to $15.1 million in 2021.

Shust says that Holisto came out with the right product at the right time in the right market. The company has developed a technology based on AI that helps customers find the most suitable hotel bookings through a range of channels including travel agents, distributors and hotel chains.

He said, “After almost six years of development we decided to launch our product even though it was in the middle of the Covid pandemic. Our understanding was that people would continue to take vacations in hotels, and they would just do it as part of domestic tourism, without international flights. At the same time, price sensitivity would be higher, so they would look for better value offers. So we decided to launch the product, focusing on domestic tourism in the US.”

Shust adds that growth over the last two years is not only because of Covid. “You have to remember that the growth in question started during the Covid and not just over the last year. In fact, in complete contrast to the market situation in those years, which experienced declines, we grew significantly.”

As you grow and become a bigger company, is it more difficult to grow?

“I think the answer to this question depends on the point at which each company is, and the market in which it operates. The market in the US alone is worth an estimated at $28 billion. It is quite clear that the opportunity for growth here is huge, so we experience less difficulty. But it is important to remember that the way growth is measured may create the appearance of difficulty. If a company goes from $1 million to $10 million in the first year, and the following year jumps to $50 million, the growth percentages will be significantly higher in the first year (900% versus 500%).”

Reasons for concern – the collapse of SPAC companies

But Holisto has quite a few reasons for concern these days. In a few weeks, Holisto is supposed to start trading on the Nasdaq, when it completes its merger with a SPAC company based on a valuation of $405 million. But judging by the recent past, it is likely that, as happened to the absolute majority of the tech companies that merged into a SPAC recently, Holisto will trade sharply down after the merger. In addition, like many of the companies that have merged into SPACs, Holisto is unprofitable: it ended 2021 with a net loss of $53.5 million.

Until a year ago, Holisto’s stunning growth might have attracted many investors. But in 2022, rising inflation, interest rate hikes and the growing fear of a recession in the world’s largest economies and in Israel have changed the rules of the game.

Today, in the shadow of macroeconomic changes, the emphasis in the market has shifted from rapid growth to a business model and profitability. The SPAC market has been particularly affected by these changes, with most SPAC-merged tech companies seeing their share price collapse this year.

Shust remains unfazed. “The tourism market is a very unique market. Every time the world experiences a crisis, this market knows how to make adjustments. It’s a market that is often driven by the strong emotional need of consumers, and they have accelerated the market to a potential recovery relatively quickly. You saw it after 9/11, after the crisis in 2008 and during the Covid pandemic. Even today in the US, with the economic uncertainty, when consumers were asked what their goals or objectives were, they ranked in first place to repay debts, and in second place by a small margin – to travel as much as possible.”

Methodology

“The Fastest Growing Companies in Israel” is a list of 100 companies based on CAGR (compound annual growth rate) in the period 2018-2021. This is the second year in which Globes is publishing the ranking of Statista’s fastest growing companies in Israel. These are the criteria and how the data was gathered.

The criteria

In order to be included in “The Fastest Growing Companies in Israel” ranking, companies must meet the following threshold conditions:

Revenue of NIS 300,000 or more in 2018.

Revenue of NIS 3 million or more in 2021.

Independence (not part of a group that consolidates its financial statements or a branch or office of an international company).

Headquartered in Israel.

Growth between 2018 and 2021 mainly organic (not through mergers and acquisitions).

If the company is publicly traded and was listed before 2018, the value of its shares must not have fallen by 50% or more since 2020.

Data gathering

The data gathering process was carried out on two tracks. The first was that in June 2022 an invitation to register as a candidate for the ranking was published on “Globes'” Hebrew and English websites. Registration was closed at the end of August. At the same time, Statista carried out a market survey to find relevant companies and actively approached them. Next, Statista put together a list of 1,000 companies identified at this stage – even before they had disclosed revenue figures – as likely to have high growth.

The companies to participate in the process and agreed to disclose their revenue numbers in order to facilitate the ranking. The companies were required to provide the data in writing, signed by a senior manager (generally the CEO or CFO). In addition, during the application phase, Statista analyzed the data of 536 public companies that are headquartered in Israel. Of these companies more than 150 where shortlisted and examined in detail in regard to organic growth and all relevant data points. To be shortlisted, companies had to meet the aforementioned criteria and a revenue growth of more than 8%.

Growth rate calculation

The CAGR was calculated on the basis of the figures supplied by the companies and in the designated currency (shekels or dollars). For the sake of comparison, all sums were converted to shekels according to the average rate of exchange reported by the company. The minimum CAGR required to be included in the ranking this year was 11.7%.

Introducing Statista

The survey was conducted by international data company Statista, one of the world’s leading data platforms for analyzing strategic markets, statistics and providing research findings.

Statista, which is headquartered in Germany and was founded in 2007, has more than 1,000 employees in 12 cities worldwide. Statista’s Research & Analysis Department conducts analyses and research for its customers, who include multinational corporations, more than 2,000 universities and technical schools, leading consultancy and management companies, advertising agencies, trade organizations, banks and financial institutions, political NGOs and many others. Partners to its project in the media and communications include The Financial Times, Forbes, The Independent, El Mundo, Frankfurter Allgemeine, Business Insider, and LinkedIn.

Disclaimer

In formulating the “Fastest Growing Companies in Israel” ranking, great efforts were made to obtain as much information as possible on companies worthy of inclusion. Despite these efforts, the ranking does not pretend to be complete. Many companies chose not to publicize their data; others did not participate for other reasons.

Published by Globes, Israel business news – en.globes.co.il – on December 1, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.



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