Israeli consumer technology start-up MyThings is the latest in a series of Israeli web technology companies to raise funds despite the onset of the slowdown. The company raised $5 million in its second financing round from dotCorp Asset Management and GP Bullhound Sidecar. This brings the total raised by MyThings to $13 million, of which it raised $8 million in its first financing round from Carmel Ventures and Accel Partners together with a number of private investors.
MyThings was founded in 2004 by Benny Arbel, who then brought in Eyal Ofer and Ehud (Udi) Zaidman as partners. The company offers an online platform which people can use to track, organize, and manage their property in one centralized location. The company also provides services such as valuations, accessories, manuals, or a one-click sell-on-eBay.
The platform was commercially launched in 2007 and according to MyThings, the number of users has now reached one million. The company's business model is based on advertising by vendors targeted at customers that have purchased their products in the past. Advertisements appear in customers' personal pages and are customized according to their consumption habits. Among the vendors advertising with MyThings are UK retail chains Tesco and Woolworths.
MyThings has also set up the website Trace, which helps users track items that have been lost or stolen, through a collaboration with law enforcement agencies in 22 different countries, and offers them access to a US Federal data base through the FBI. The company's competitors include Zebo and iTaggit.
Published by Globes [online], Israel business news - www.globes-online.com - on October 16, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008