News
  • Viola Growth | 01 Sep 2016

    Behalf Raises $27 Million to Accelerate Growth in US Commercial Payments

    Viola Growth leads Series C financing round; 

    existing investors, Sequoia, Spark, MissionOG and Vintage, participate 

    NEW YORK – August 30, 2016 - Behalf, a commercial payment platform specializing in providing small businesses instant point of sale terms at vendors of their choice, today announced it has raised an additional $27 million in Series C financing. New investor Viola Growth led the round and was joined by previous investors Sequoia Capital, Spark Capital, MissionOG, and Vintage. The funding will help Behalf rapidly scale growth with increased investment in sales, business development and marketing, support continued product innovation, and bolster its position as a service leader in small business purchase financing. 

    Business-to-business sales in the US total trillions of dollars annually. Unlike consumer sales, the majority of these are payments made by COD, Check, or ACH. The low penetration of credit-based transactions and limited access to working capital significantly constrains business purchasing in the small business segment and inhibits economic growth. Behalf solves for this friction between business suppliers and purchasers by offering instant credit approvals at the point of sale, with funds immediately released to settle the transaction. Behalf instantly advances payment to the supplier, then collects the funds from the purchaser’s bank account on a schedule they set. This affordable, on demand access to working capital helps suppliers and their customers do more business. 

    Once approved, SMB customers can use their Behalf line to make purchases at virtually any of their suppliers. For every advance paid to a supplier by Behalf, the customer creates their ideal weekly, monthly, or one-time payment plan. Behalf’s innovative, fully customizable payment schedules give SMBs an unprecedented level of control over how they manage cash flow, with the ability to pay for their business purchases over time, extending up to six months.  

    The company has doubled revenues every six months since inception.

    Harel Beit-On, Viola Growth Founder and General Partner, will join the Behalf Board. Beit-On joins Shmil Levy, Managing Partner of Sequoia Capital; Gene Lockhart, Managing Partner of Mission OG and former CEO of MasterCard; Santo Politi, Founder and General Partner of Spark Capital; Phillip Riese, former President of American Express Consumer Card; and Benjy Feinberg, Co-Founder and CEO of Behalf.

    “Behalf is targeting a fast growing market of SMB payments and credit, valued by analysts in the trillions, that is underserved by banks” said Harel Beit-On. “Led by a strong founding and executive team, Behalf presents an impressive growth rate and high customer retention, by disrupting the way small businesses purchase new goods and services from their vendors of choice with clear affordable terms. We are happy to partner with the Behalf team as they embark on the next phase of growth.” 

    In readying the company to scale, Behalf has strengthened its executive team with a mix of payments industry veterans and proven growth phase operators. Jorgen Bocklage, Founder of 118 118 Money in the UK and former VP of Finance at Dashlane, has been appointed Behalf’s CFO. 

    Brian Kleinberg, a former EVP at American Express who has recently been advising early stage Fintech and e-commerce companies, has joined to lead Strategy. Crystal Eastman, another former American Express Executive who has held positions in the Card area and within the Enterprise Growth Group, signed on as Head of Marketing. Yaniv Shaya, who has held numerous technology leadership roles at HP; Mercury Interactive; and was most recently SVP of Engineering at Imperva, has also joined to lead Engineering and Risk. In the coming 12 months Behalf will be hiring for roles across Sales, Marketing, Account Management, Customer Service, Product, and Engineering in both the New York and Tel Aviv offices.

    “SMBs are the unsung heroes of the US economy, producing nearly half of the US’ goods and services, responsible for two out of every three new jobs created, and generating the majority of innovation in the process. Yet, they are severely constrained by lack of access to working capital and their financial needs are not a focus area for traditional banks,” said Benjy Feinberg, Co-founder and CEO of Behalf. “Behalf has a simple solution, driven by data and technology, that allows us to provide well-priced and flexible credit tools to help SMBs and their suppliers grow profitably. The addition of Viola’s leadership to our team and the growth this round will fund will both help us accelerate our mission.”

    Additional Behalf resources:

    ● Blog: www.behalf.com/blog

    ● Twitter: https://twitter.com/behalfinc

    ● Facebook: https://www.facebook.com/BehalfInc

    ● Linkedin: https://www.linkedin.com/company/behalf

    About Behalf

    Behalf is an alternative financing provider, specializing in working capital credit for small business customers. The Behalf solution provides instant point of sale financing for purchases up to $50,000, pays merchants directly within 1 business day, then allows customers to create a flexible payment schedule on each individual transaction. By solving for the availability of credit, the Behalf solution increases merchant sales and improves cash flow for both the merchant and their customers. Behalf customers can use their purchasing line throughout Behalf’s growing network of integrated partners, as well as at MasterCard accepting businesses. Behalf is headquartered in New York City with an office in Tel Aviv. For more information, visit www.behalf.com.


    About Viola Growth

    Founded in 2008, Viola Growth provides an opportunity for growth stage companies to raise the capital they need to develop and expand. Viola Growth focuses on value creation in its portfolio companies and utilizes its strong management team to accelerate the growth of these companies. By providing direct capital investment, combined with strong leadership support, it propels portfolio companies forward, turning recognized companies into global technology leaders.  The Viola Growth team has vast experience in working with management teams to build organic and non-organic growth plans, scale operations, strengthen management teams and aim to create business partnerships with global leaders. 
Viola Growth is a member of the Viola Group, Israel’s premier technology-focused Private Equity group with over $2.5B under management. For more information visit: www.violape.com



    Media Contacts

    Crystal Eastman

    Head of Marketing, Behalf

    crystal@behalf.com

    646.468.6600


  • Viola Credit | 18 Aug 2016

    Optical communications co ColorChip raises $20m
    The Israeli company’s technology meets the growing need to help datacom manage all of the exponentially growing traffic.

    http://www.globes.co.il/en/article-optical-communications-co-colorchip-raises-20m-1001146611

    Israeli optical communications company ColorChip has raised $20 million from Gemini Israel Funds, BRM Group, IGP, Vintage, HGL Capital, and Viola Credit. Founded in 2001 by Dr. Shimon Eckhouse and Prof. Shlomo Rushin of Tel Aviv University School of Engineering, the Yokneam based company has raised $80 million to date including the latest financing round and its previous financing round of $25 million in November 2015. IGP, Gemini and BRM led previous financing rounds.

    ColorChip is a privately held Israeli company that provides cost effective, dense, hyper-scale transceivers and advanced optical splitters. The funding will enable the Israeli company to ramp-up operations and accelerate product development.

    With Internet services becoming more data intensive due to streaming HD video, virtual reality, cloud computing, and IoT devices, there is a growing need for new technologies to help datacom manage all of the exponentially growing traffic. ColorChip’s innovative optical communication solutions are well positioned to help solve the growing bandwidth demand of the web.

    ColorChip CEO Yigal Ezra said, “We have so much support and confidence from our investors and are going to utilize the funds to recruit additional employees as well as scale up our operations to better serve the growing demands of the Datacom market.”

    ColorChip has developed unique SystemOnGlass technology a hybrid optical integrated circuit. ColorChip uses glass wafers to industrialize its optical devices, allowing for cost effective, rapid, and highly scalable production. In essence, this allows the company to bring efficiencies commonly only seen in semiconductor fabrication to the world of optical communications.

    ColorChip is also unique in the Israeli landscape, since it not only develops its solutions but is also vertically integrated and manufactures its core technology in its wholly owned and operated state of the art fab in Israel. The fab utilizes the company’s unique IP and is a critical component of its core technology, positioning the company as a leader in the industrialized manufacture of optical assemblies. The company is targeting the high speed transceiver 40G/100G Datacom market, predicted to reach $1.7 billion by 2019.

    ColorChip is in the process of scaling up its operations, including hiring new employees in Israel, the US, and remote site facilities. The new funding will directly support these efforts.

    Published by Globes [online], Israel business news – www.globes-online.com – on August 17, 2016

    © Copyright of Globes Publisher Itonut (1983) Ltd. 2016
  • Carmel Ventures | 18 Aug 2016

    CellSavers Raises $15 Million in Series A Funding From Sequoia Capital and Carmel Ventures

     End-to-end technology platform specializing in anytime, anywhere mobile device repair will use funding to continue explosive growth and top-rated service

    SAN FRANCISCO / August 18, 2016 / Business Wire –

    CellSavers, the on-demand mobile repair platform, today announced it has raised $15 million in Series A funding, led by Carmel Ventures, with participation of seed investor Sequoia Capital.

    The Series A capital will be used by CellSavers to further accelerate the growth of its end-to-end technology platform, which uses proprietary algorithms to intelligently match consumers in need of smartphone and other mobile device repairs with qualified and skilled rapid-response technicians, referred to as Savers, in their local area.

    The funding will also enable the continued expansion of a service that has scaled impressively since its launch in mid-2015, growing by 35% month-over-month. This fundraising round reflects investor confidence in the operational excellence of the company, which delivers profitable unit economics on every repair. CellSavers’ 5-star service is already available nationwide in major metropolitan areas including New York, Los Angeles, San Francisco, Houston and Chicago.

    CellSavers provides an outstanding customer experience by ensuring that repairs are as quick and convenient as possible, minimizing the time consumers are without a working device. Qualified and vetted local Savers aim to reach customers within 60 minutes, regardless of their location, carrying out precise guaranteed repairs.

    “Eyal Ronen and Itai Hirsch are impressive, disciplined, creative founders who have demonstrated that a strong company vision, coupled with strict operational discipline can yield tangible results. They’ve built a solid business based on a real-world need and created a strong foundation for a great national consumer brand” said Carmel Ventures Partner Daniel Cohen, who is to join CellSavers' board of directors.

    Eyal Ronen, CEO & Co-Founder of CellSavers, said, “It was incredibly important to us that we work with partners like Daniel Cohen who understand how to build and scale on-demand businesses. This investment is a big step towards a world where you can get any technical service for any smart device you own, right at your door and within 60 minutes.”

    Gili Raanan, General Partner at Sequoia Capital, said: “We are thrilled to be business partners with Eyal, Itai and the whole Cellsavers team. We continue to be extremely impressed with the rapid, healthy and sustained growth of CellSavers and with the positive unit economics the company has already achieved in few major markets."

    About CellSavers
    At CellSavers, we know what a headache getting a broken smartphone fixed can be. We take the pain out of repairs by making them as quick and convenient as possible, so people can get on with living their lives. Our end-to-end technology platform uses proprietary algorithms to match customers with a local, qualified and vetted technician—a Saver—who will aim to reach them within 60 minutes and repair their device to the highest-possible standard, anytime, anywhere. All our Savers are extensively vetted, certified and monitored, and every repair comes with a warranty and guaranteed safety for phone data. CellSavers is headquartered in San Francisco, California. Our service is available in cities across the nation and expanding fast.

    Follow CellSavers at:
    ● cellsavers.com
    ● twitter.com/mycellsavers
    ● facebook.com/cellsavers.cc/

Our People and Companies

About

Viola Group, with over $2.5 Billion under management, is Israel’s premier technology oriented private equity investment group.

Viola Group aims to provide long term, world-class returns by identifying and pursuing attractive investment strategies in the vibrant Israeli technology and industry market. Viola Group is comprised of focused separate independent best of class partnerships including Carmel Ventures – a top tier Venture Capital fund; Viola Credit – a leading equity-based lending fund; Viola Growth – technology focused growth capital and buyout fund; and Viola Partners – an exclusive investment fund mainly for private investors. Each partnership operates independently while enjoying access to market and technology research and insights, global tier-one investors, superior investment opportunities, a global industrial network, and access to leading management and investment talent.The partnerships identify, partner with and actively support leading entrepreneurs and high potential, growth-oriented enterprises and investment funds.The group funds have invested in over 120 technology companies. Viola Group is backed by leading global institutional investors from all over the world.

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