Sustainable Living & Underserved Markets
Date of initial investment:
Yaron Borgin, CEO
We could have raised growth capital from other sources but in Bridges Israel we found a partner with the right combination of financial approach, social mindset and passion for doing business.
Yaron Borgin, CEO Abraham Hostels and Tours
Sustainable tourism which takes into account current and future economic, social and environmental impacts has the potential to alleviate many societal challenges, yet sustainable tourism is currently underrepresented in Israel’s growing tourism sector. In the regional context, some of these challenges include:
- Intolerance: The Middle East and Israel continues to suffer from conflicts of different forms. Society is divided by diverse national, cultural, religious and ethnic narratives with extremity and intolerance taking over growing parts of the public discussion.
- Work opportunities: Certain demographic segments of Israel’s society have limited access to decent work opportunities.
- SME growth: The contribution of SMEs to Israel’s national employment is considered exceptionally high, specifically in underserved areas. Maximizing their potential is therefore a primary economic goal.
Founded in 2010, Abraham Hostel is a chain of three Hostels and a leading tourism company in Israel for Free Independent Travelers (FIT). The company operates multi-cultural and multi-narrative tours, acts as a hub for cultural and social initiatives and operates a best-in-class operation when it comes to making sure economic benefits are fairly distributed in its surrounding communities.
The Group has won multiple prestigious international awards such as the Top Ten Hostels Award by Hostel world, TripAdvisor’s Travelers Choice Award, Responsible Tourism Award for Best Accommodation for Local Communities, the Best Social Space 2018 by the WYSE Travel Confederation and more.
Sustainable tourism has the potential to contribute, directly or indirectly, to many of the Sustainable Development Goals and is firmly positioned in the UN’s 2030 Agenda with a designated target that calls for the promotion of ‘sustainable tourism that creates jobs and promotes local culture and products’ (Goal 8, Target 8.9).
Abraham Hostels portrays many of the elements of sustainable tourism and generates benefits to its different stakeholders. Specifically, with its strong focus on cultural and multi-narrative content, and building on accumulative evidence of the importance of such experiences, we expect the company to have tangible positive effects on multicultural and religious tolerance among thousands of tourists and locals. Additionally, by providing decent, fair and inclusive job opportunities we expect the company to have a positive impact on the livelihood and opportunities of employees from underserved demographics and support SME growth throughout Israel and the region. Finally – as a thought leader in the field, Abraham hostel acts as a hallmark of sustainable tourism in Israel facilitating tourism sector growth in the region.