Israeli high-tech firms raised $2bn (€2.3bn) of venture capital investment in 2001, more than any European country and nearly treble the $699m raised by UK high-tech firms, according to data from the Israel Venture Capital Association.

The Israeli high-tech total represented a drop of more than one third from the previous year. In Europe, capital raised fell almost 50% to $5.2bn, while the US was worst hit by the technology downturn with a decrease of 64% to $36.5bn.