Tel Aviv ranks fifth globally in the number of private high-tech companies valued at over $1 billion, known as “unicorns,” according to a new report.

The city’s tech ecosystem is growing despite a global slowdown, according to the report, titled “Tel Aviv—A Global Startup Trailblazer,” by Dealroom in partnership with Tel Aviv Tech and Tel Aviv Global.

The city has produced 95 unicorns overall, the third-highest total worldwide, and 75 since 2018. Tel Aviv also ranked third behind London and Paris in the Europe, Middle East, and Africa (EMEA) region for total venture capital investment raised in 2022 at $6.9 billion, and placed second behind London in the EMEA region for the highest-valued startup ecosystem at $393 billion, representing 10% of the value of EMEA startups.

Tel Aviv Tech is an economic initiative of the mayor’s office to boost the high-tech sector and Tel Aviv Global is a mayor’s office initiative to bolster the city’s global positioning. Founded in Amsterdam in 2013, Dealroom is a leading data provider on startups and tech ecosystems.

The city’s mayor, Ron Huldai, said that he was “proud” of the rankings.

“Working against the odds is part of the Israeli DNA, and for entrepreneurs, this has meant strategically embedding diversity and resilience into strategic growth: international scope, hyper-growth industries, and agility as a rule,” said Michal Michaeli, director of international economic development at Tel Aviv Global.

“The data presented in this report highlights the success of the Tel Aviv tech ecosystem even, and in particular, during a year like 2022, filled with challenges and change,” she added.