US blogs report that blog content rating start-up Outbrain Inc., founded by serial entrepreneur Yaron Galai, has completed a $12 million financing round. Carmel Ventures led the round, alongside a US-Israeli equity fund Rhodium, and angel investor Zohar Gilon.
Outbrain's current investors, Lightspeed Ventures, Gemini Israel Funds, and GlenRock Israel also participated in the round. Glenrock invested in Galai's previous venture, Quigo Technologies Inc., which was acquired by AOL for $340 million in 2007.
Galai and Ori Yahav founded Outbrain in 2006. Galai was setting up Outbrain while still negotiating the sale of Quigo. Yahav previously served as R&D team leader at Shopping.com. Galai is CEO of the company.
Galai said, "The current funding will enable us to substantially increase our market share, thereby continuing the improvement of the service for blogs and sites that use it. The new investors, as well as our current investors, made an act of leadership by deciding to invest in times like these."
Galai added, "Since it was founded, Outbrain has enabled readers of blogs and content sites to obtain recommendations about content of interest."
Published by Globes [online], Israel business news - www.globes-online.com - on February 11, 2009
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