Israeli startups Monogoto, Stoke pocket new cheques; Minute Media weighs IPO
Israeli Internet of Things startup Monogoto has raised $11 million in a funding round led by the Tel Aviv-based venture capital firm Team8.
Team8 was joined by a stack of other investors including Telefonica Tech Ventures, Singtel Innov8, Alter Venture Partners, Triventures and Planven Entrepreneur Ventures.
Monogoto provides internet of things and machine to machine connectivity. It will use the money to grow its footprint to the US, with an office in San Francisco, increase marketing spends and boost its penetration.
The Tel Aviv-based company was founded in 2016 by chief executive officer Itamar Kunik and caters to more than 100 clients across the world.
Stoke’s Series A
Stoke Talent Ltd, which helps companies collaborate with freelancers, consultants and contractors, said Wednesday it has secured $15.5 million in a Series A funding round led by Battery Ventures.
All previous investors and angels including TLV Partners, Dynamic and Loop, committed fresh capital in the new round, the company said in a statement. To date, the company has raised $20 million, it added.
The investment allows Stoke to meet the rapidly growing demand from US companies seeking to work more effectively with freelancers and other non-payroll workers in the wake of the Covid-19 pandemic.
The Tel Aviv- and California-based company said it more than doubled its customer base and tripled its total revenue in the first quarter of 2021.
Stoke says its freelance management system makes it easy for companies to work with independent contractors. It reduces the hassle of hiring, onboarding, tracking and managing invoices while ensuring legal and tax compliance.
“The way we do business has changed. The talent we choose to work with needs to change with it,” said Shahar Erez, CEO and co-founder of Stoke. “But we can’t expect it when neither side has yet had the proper support.”
Minute Media IPO
Meanwhile, a news report by Bloomberg said that Israeli-origin digital content publishing company Minute Media is planning an initial public offering (IPO) in the US at a valuation of $1 billion.
The targeted valuation is twice the $500 million it had commanded at its most recent fundraise in 2020.
Minute Media was founded in 2011 and has offices in New York, London and Tel Aviv. The company owns several well-known brands including Mental Floss and the Players’ Tribune website.
The company has raised $156 million till date from several investors including Battery Ventures, ProSiebenSat.1 Media SE and Goldman Sachs, Bloomberg said.
