Israeli start-up iSkoot announced at the end of last week that it had completed a third round of fund raising worth $19 million. Since its establishment in 2005 the company has raised $32 million from leading American VC funds including Charles River Ventures and Khosla Ventures, Vinod Khosla's fund.
The company develops technologies and services enabling Web services transmissions using mobile handsets. The company, for example, enables the supply of SKYPE services on mobile phones.
iSkoot, which was set up by David and Jacob Guedalia, operates mainly overseas and has an R&D center in Beit Shemesh.
The current round of fund raising was led by Vision Opportunity Master Fund alongside previous investors in the company. The funds will serve the company in launching its alternative communications solutions and maintaining its position. The new investor, manages $800 million, and is an investment consultancy company authorized by the SEC. It invests in small and medium-sized public and private companies.
So far it seems the global crisis is passing iSkoot by, and the company has succeeded in completing a round of funding after it announced in May that it had acquired Social.IM, which has developed instant messenger services for social networks. The acquisition enabled iSkoot to increase its products in the VOIP sector.
Charles River Ventures Partner Izhar Armony said, "iSkoot has already achieved exceptional successes in communications between Internet and mobil platforms. There is vast market potential for the company, and we are convinced that iSkoot will be a dominant player. The company's success in raising capital in difficult times is proof of the company's position in the market."
Published by Globes [online], Israel business news - www.globes-online.com - on November 9, 2008
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