The investment was by an Israeli VC fund which typically makes relatively small investments.
Israeli start-up TypeMock Ltd. has raised $1.5 million in its first financing round from Evolution Venture Capital Fund LP. The company is developing software for testing code with the need to re-factor and re-structure it.
Evolution Fund was interested in TypeMock because of its business model, which includes online sales and distribution. The company says that it had several hundred thousand dollars in US and European sales in 2007. TypeMock CTO Eli Lopian founded the company in 2004. TypeMock is Evolution Fund's fifth investment.
Evolution Fund, run by managing partner Ram Vromen, has raised $20 million. It makes small investments of up to $1.5 million. The other four companies in its portfolio are Etherwaves Ltd., MusicPump Ltd., SpendM Ltd., and WhiteSmoke Inc.. The company is planning to make four or five more investments.
Published by Globes [online], Israel business news - www.globes-online.com - on December 27, 2007
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