Business Events Secures $12.7 Million Funding in Second Round Led by Carmel Ventures1
Carmel was joined by existing investor Gemini Israel Funds and a group of private investors led by Bobby Lent
Tel Aviv, Israel – February 12, 2006 – Business Events, the first software company to deliver a Business Opportunity Discovery solution, announced today that it closed a $12.7 million round of financing led by Carmel Ventures. Carmel will be joined by existing investor Gemini Israel Funds and by a group of private investors led by Bobby Lent, formerly a co-founder of Ariba Inc. (NASDAQ: ARBA). Mr. Lent will also serve as an active Chairman of the Board. Avi Zeevi, General Partner, Carmel Ventures, who led the investment on behalf of Carmel, will be joining Business Events’ Board of Directors.
“Business Events has developed a strong offering for Business Opportunity Discovery, based on its proprietary technology, which discovers the drivers of important and unique business changes without having to define search criteria a-priori,” said Avi Zeevi. He noted that “The BI space is one of the fastest-growing sectors in Enterprise Software, and we believe that the Business Opportunity Discovery space will grow even faster. Investing in Business Events plays to Carmel’s strengths, and falls in line with our experience and ecosystem in the space.”
Gemini’s General Partner Lior Berger noted, “We started working with founder Amir Ashiri in 2003 and, after introducing him to Chen Amit, we became the sole investor in Business Events’ seed round in 2004. 2005 was a pivotal year for the company, moving headquarters to the US, defining appropriate verticals for the solution and signing several projects. Business Event’s technology goes beyond reporting and navigation to delivering direct and clear operational guidance, resulting in significant impact on revenue and profits. We welcome the involvement and expertise of Carmel Ventures and Bobby Lent in the company.”
“Business Events provides a unique, huge competitive advantage to customers, which I believe will become a ‘must-have’ for any enterprise. With such an enormous market opportunity, disruptive technology and a strong execution team, I am excited about working with this team and building the next great software company of the twenty-first century,” said Bobby Lent.
Chen Amit, President, CEO and Co-founder of Business Events added: “We are honored by the vote of confidence from our investors and have assembled an extremely strong board that will help us drive the growth of the company. Business Events drives a direct and significant impact on our customers’ revenues and profits, and does so in a very ‘easy to digest’ way. We are now in an excellent position to conquer this huge market opportunity.”
About Business Events
Business Events is the innovator of Business Opportunity Discovery. The company’s solution proactively identifies the drivers of unique business changes, weeks, months and years before they can otherwise be identified, and delivers them to the right person at the right time. Such early warning for performance and revenue leaks yields extraordinary revenue and profitability gains. Serving execs in Fortune 2000 companies Business Events enables the company to focus on the right and current issues at the right time. For more information, please visit www.b-events.com
About Carmel Ventures
Founded in 2000 by pioneers and leaders of the Israeli high tech industry, Carmel Ventures is one of Israel’s leading IT focused funds with $372 million under management. Led by former entrepreneurs and executives of the software, communications and investment industries, Carmel provides active, hands-on support to its Israeli, European and US portfolio of companies. Carmel headquartered in Herzliya, Israel enjoys a worldwide network of industry, strategic and investment resources. Carmel provides significant capital and support through the growth cycle of its portfolio companies and is recognized as a true company building fund in Israel. For more information, please visit www.carmelventures.com.
About Bobby Lent
Bobby Lent is the Managing Partner of Hillsven LLC, a private venture investment group located in the Silicon Valley. Hillsven LLC invests and plays an active role in innovative high tech firms primarily in Israel and the U.SA. Mr. Lent is a major investor and Chairman of Traiana, Inc., an early stage enterprise software company focused on Trading Relationship Management which is headquartered in New York and has core R&D located in Ramat Gan, Israel. In early 1996, Mr. Lent was the co-founder of Ariba (Nasdaq: ARBA), an enterprise software company, which is the recognized leader in Enterprise Spend Management.
About Gemini Israel Funds
A pioneer in Israel’s venture capital industry, Gemini is recognized as the leading Israeli seed and early stage fund in the Information Technology arena. Through offices in Israel and Silicon Valley, Gemini offers portfolio companies access to top-tier U.S.-based investors and a global network of corporate partners. With $550 million under management in four funds, Gemini focuses on investment in Communications and Wireless Technologies, Enterprise Software, Consumer Electronics, Internet and Semiconductors. Gemini’s portfolio includes some of the most exciting and innovative Israeli high tech start-ups, including Allot Communications, Business Events, dbMotion, ItemField, IXI Mobile, Mellanox, nLayers, Saifun Semiconductors, and Traiana. More information can be found at www.gemini.co.il.