Matthew Bronfman Will no Longer Invest in Regulated Businesses in Israel

Matthew Bronfman won’t invest in another regulated business in Israel, the entrepreneur and philanthropist said Thursday, speaking at Calcalist’s Mind the Tech conference in New York. Bronfman took part in a fireside chat on bridging the cultural difference between New York and Tel Aviv with Erez Shachar, managing partner at Qumra Capital.

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Bronfman is one of Israel’s leading businessmen. In addition to being the Israeli franchisee of Ikea, he is a prolific investor in the Israeli tech scene and has previously invested in Israel’s Discount Bank and retail chain Shufersal.

When he bought into Discount Bank in 2006, Bronfman said, Israeli Prime Minister Benjamin Netanyahu was the finance minister at the time. Netanyahu advised that it would be a good idea for Bronfman to buy an additional bank and merge it with Discount, Bronfman said Thursday, But regulators such as the Bank of Israel did not approve the plan.

“I’m not saying we were duped, but…” Bronfman said.