Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Telefonica turns to Israel's high-tech to boost consumer portfolio

Stock Markets May 01, 2022 09:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A man speaks by a mobile next to Telefonica's tower in Barcelona January 30, 2013. REUTERS/Albert Gea

By Steven Scheer

JERUSALEM (Reuters) - Spain's Telefonica (NYSE:TEF), Europe's third-largest telecoms company, aims to increase investments in Israel's high-tech sector this year, including in e-health and other consumer-facing business, a senior official said.

Luisa Rubio, who heads Telefonica's innovation arm WayraX, has already made one investment in Israel - Upword, which uses artificial intelligence (AI) to create faster, more efficient summaries from notes.

She said WayraX, which invests small amounts in early-stage funding, is considering investing in two more Israeli startups, with a decision expected in the coming weeks.

"We have already executed the first one and hopefully, at the end of the year we will have another four or five companies coming from Israel," Rubio said in an interview with Reuters after visiting the country last week. "Israel will be one of our most relevant markets in terms of executing new investments."

WayraX has taken stakes in 12 companies since it began at the end of 2020 and has a plan to reach 20 by the end of 2022, she said. Wayra, which is a decade old, has invested in some 800 companies, and Telfonica Ventures buys into more mature growth-stage companies.

Since its investments are early stage, WayraX only invests up to 250,000 euros ($263,500.00) per round.

"The value we bring to the table is not financial, it's being a strategic partner to help those entrepreneurs expand their operations all over our footprint - and to do business potentially with Telefonica in the future," Rubio said.

Electronic health and the ability of customers to connect to doctors online is a focus for Telefonica and a major area for investments in Israel, although Rubio also cited consumer activities such as buying groceries.

"We know we have to move really fast (on investment decisions) because I have never seen an ecosystem as dynamic as Israel," Rubio said.

She noted that Wayra was also looking to boost investments in Miami as a hub to bridge Europe with Spanish-speaking countries in Latin America.

($1 = 0.9488 euros)

Telefonica turns to Israel's high-tech to boost consumer portfolio
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email