The new innovation center will focus on the development of technologies across Hippo's insurtech business.

JVP chairman Margalit met with the French Finance Minister and other economic figures to promote a Margalit Startup City innovation center.

The new center is designed to support the growth of innovative startups in various sectors including automotive and mobility, industry 4.0, and energy and logistics.

The investment in the planning and establishment of the center will be around $5 million.

When it comes to startups, cities like Tel Aviv quickly come to mind, but Israel's southern most city is signaling that it too, has what it takes to make an impact in the high-tech industry.

Another international company is eyeing Israeli startups and this time it's retail giant eBay. The company is setting up an incubator, which will help young Israeli startups develop their products.