Israeli’s Pagaya plans US SPAC listing; RapidAPI, DataRails raise funding

 Israeli’s Pagaya plans US SPAC listing; RapidAPI, DataRails raise funding

Iddo Gino, Founder and CEO, RapidAPI

Israeli fintech company Pagaya Investments may soon list on the US stock market via a blank cheque company, local media reports said.

Pagaya has been in talks with several special purpose acquisitions companies (SPACs), and could merge with one of them, Israeli news outlets Globes and Calcalist reported.

The reports said the fintech company is considering an initial public offering at a $8 billion valuation.

SPACs have become popular vehicles that allow companies to list on stock exchanges without going through the hassles of launching an IPO.

New York- and Tel Aviv-based Pagaya provides peer-to-peer credit and specialises in managing alternative investments. It caters mainly to the US debt market.

The fintech firm was founded in 2016 by Gal Krubiner, Yahav Yulzari, Avital Pardo and Gal Krubiner.

Pagaya had raised $102 million in June 2020 in a Series D funding round led by the Singapore sovereign wealth fund GIC. Aflac Global Ventures, Poalim Capital Markets, Viola, Oak HC/FT, Harvey Golub, Clal Insurance Ltd, GF Investments, and Siam Commercial Bank had also participated in the funding round.

RapidAPI

Technology startup RapidAPI has raised $60 million in a Series C funding round led by Green Bay Ventures.

US-based investment firm Stripes participated in the funding round as a new investor, RapidAPI said in a statement.

The company also counts Andreessen Horowitz, DNS Capital, M12 (Microsoft’s Venture Fund), Viola Growth and Grove Ventures among its other existing investors.

The round takes the total amount raised by RapidAPI so far to $122.5 million.

RapidAPI, led by founder and CEO Iddo Gino, provides application programming interface solutions that help software developers find cloud services that they need for their software development projects.

The company said it will use the fresh funding to bring new developers to the platform and onboard API providers to its marketplace. The company claims that 3 million developers have signed up on its marketplace till date.

DataRails

Israeli financial planning startup DataRails has raised $18.5 million in a Series A funding round led by venture capital firm Zeev Ventures.

Others who also pitched in with funding include existing backers Vertex Ventures Israel and Innovation Endeavors.

The round brings the total amount that DataRails has raised so far to $28.5 million.

The fintech company offers a cloud-based solution that aggregates data from Excel files that are spread throughout a company and adds them to a database that’s updated in real time.

The company says that its recurring revenue went up five times in 2020. It plans to use the fresh capital to drive growth.

Zeev Ventures was founded by venture capitalist Oran Zeev, who has previously invested in several startups including Houzz, Audible, TripActions and Chegg.

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Aman Malik

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