Israel’s Unit turns unicorn; A.Team gets $55 mn; Buildots nets $60 mn

 Israel’s Unit turns unicorn; A.Team gets $55 mn; Buildots nets $60 mn

Banking-as-a-service platform developer Unit has bagged a $100 million Series C cheque that valued the Israeli tech startup at $1.2 billion, making it the latest company in the country to enter the unicorn club.

The Series C investment round was led by New York-based venture capital firm Insight Partners, Unit said in a statement.

It was joined by existing backers including Accel, Better Tomorrow Ventures, Aleph, Flourish Ventures, and TLV Partners. The funding round was also joined by two new investors—Moving Capital and Stepstone.

The fresh capital brings total funding raised by Unit to $169.6 million, the startup said.

Unit, which was founded in 2019 by CTO Doron Somech and CEO Itai Damti, says it helps accelerate time to market and enables companies to launch bank accounts, cards, payment, and lending products within weeks.

Unit said it will use the new money to add as many more people to its workforce as it employs right now and to expand its research and development centre.

The startup boasts of at least 140 clients including AngelList, HoneyBook, Veryable, Roofstock, Hearth, and Benepass.

A.Team

Israeli tech startup A.Team has come out of stealth and said it raised $55 million in a Series A funding round led by Tiger Global Management, Insight Partners and Spruce Capital Partners.

The startup says it aims to create an upside-sharing ecosystem to build a home for the world’s best product builders.

The company was founded by chief executive officer Raphael Ouzan and chief operating officer Kobi Masri. While Ouzan is a former founder and CTO of BillGuard, Masri was earlier an executive with consultancy major McKinsey.

A.Team says it has assembled a network of 4,000 product builders and works with over 250 companies to overcome hiring challenges by equipping them with expert, cloud-based teams to accelerate product development.

It had previously raised $5 million in a seed funding round led by NFX. It has snagged cheques worth $60 million since its inception.

Buildots

Construction technology startup Buildots, which wants to streamline the brick-and-mortar industry, has raised $60 million in a Series C financing round.

The round was led jointly by Viola Growth and O.G. Tech Partners. Existing backers TLV Partners, Lightspeed Venture Partners, Future Energy Ventures and Maor Investments pitched in, too.

The new round comes less than a year after Buildots raised Series B capital.

With the latest funding, the company has raised $106 million since it was founded in 2018.

Buildots aims to develop a tech solution that it says continuously compares the situation at the construction site with construction plans and project schedules. The system functions as a virtual control room for the project team and enables real-time decision making which dramatically affects the ability to meet schedules and budgets.

“This funding round is fueling an essential expansion to our product offering, which in the process moves us closer to our vision of connected construction,” said Roy Danon, co-founder and CEO of Buildots. “Facilitating better decision-making for construction teams is a key step in moving the entire industry towards greater collaboration and efficiency.”

Aman Malik

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