The Limited Times

Now you can see non-English news...

PayPal payments giant invests tens of millions in an Israeli startup - Walla! money

2023-12-05T11:39:23.565Z

Highlights: PayPal payments giant invests tens of millions in an Israeli startup - Walla! money. Against the backdrop of an iron sword war, Israeli startup Mine reports good news and gives us some comfort with raising $30 million in Series B. The capital raised will meet the company's needs in the coming years and assist in the global expansion efforts. The company is preparing to recruit dozens of developers, QA and ML professionals in Israel who will want to lead the development of new technologies at the forefront of the data market. The financing round was led by Battery Ventures and the investment fund of the payments giant PayPal.


Against the backdrop of an iron sword war, Israeli startup Mine reports good news and gives us some comfort with raising $30 million in Series B


Mine founders from right to left: Kobi Nissan, Gal Ringel and Gal Golan/mine

Optimistic news during a difficult period came from the direction of Israeli startup Mine, which develops B2C and B2B solutions in the field of privacy and data protection and announces that it has raised $30 million in Series B. The financing round was led by Battery Ventures and the investment fund of the payments giant PayPal, and with the addition of a new fund, the investment arm of the American insurance giant Nationwide.

This round was joined by all previous investors, including Google's AI fund, Gradient Ventures, Headline Ventures, MassMutual Ventures, Battery Ventures and Saban Ventures. Among the company's first 150 paying customers are Redit, HelloFresh, Fender, Guesty, Snappy and Data.ai.

The capital raised will meet the company's needs in the coming years and assist in the global expansion efforts of the company's B2B platform, MineOS. The company is preparing to recruit dozens of developers, QA and ML professionals in Israel who will want to expand the company's platform to new areas, as well as lead the development of new technologies at the forefront of the data market.

Scott Tobin, partner at Battery Ventures, which led the financing round, comments: "We have invested and supported Mine significantly since the company's inception. Our current investment in Mine is a vote of confidence in the team's innovative approach to empowering organizations around the world with their no-code and fully automated privacy efforts. We look forward to seeing their continued growth and leadership on the market."

Mine CEO Gal Ringel: "The recruitment was completed in the second week of October, a week into the outbreak of the war. Despite the difficult situation in the financial markets, since March of last year, we have managed the company meticulously, while lowering monthly expenses alongside significantly increasing revenues to a rate of millions of dollars, which enabled us to reach metrics that interested many investors and a 4-fold increase in revenue. We are happy to work with hundreds of companies around the world, helping them automatically map and manage all systems and information used by the organization and help them meet various security standards and privacy regulations."

Winning team: Israeli startup Mine raises $30 million in Series B/Ohad Dayan

Mine was founded in early 2019 and has 35 employees in its offices in Tel Aviv, the US and Germany. The company's founders are Gal Ringel (CEO), Gal Golan (CTO) and Kobi Nissan (CPO). The company's vision from day one is to make privacy rights accessible to both sides of the playing field, citizens and companies.

In the past two years, the company's vision around its B2B product called MineOS has been sharpened and its goal is to provide companies with one source of truth for all the systems they use and the information they hold there. This process is called Data Mapping and is the most important building block that serves as the foundation for many teams in any organization: the legal team, the privacy team, the various data teams, the development, IT and security teams.

The ability to create a map of systems and information that is updated regularly is critical, and Mine has succeeded in building a technology that does this no-code and with very high detection coverage, thus providing a broad and transparent picture of the situation. The MineOS platform enables the organization to operate faster and more efficiently in the field of data and privacy, as well as reduce risks and costs related to various regulations.

The company's first career was in an application for B2C end users in the field of privacy, which locates for users all the companies that hold their private information, explains the digital risk involved and makes it possible to request the deletion of the information - with a click. In doing so, Maine's solution effectively gives consumers back control over their personal information. The development was launched in 2020, has gained momentum and has reached more than five million users worldwide. These same users have already sent more than 50 million requests to more than 600,<> Uniq companies and organizations.

  • More on the subject:
  • Recruitment
  • Fundraising
  • Start-up
  • Startup

Source: walla

All business articles on 2023-12-05

You may like

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.