Trading community platform co Nipendo, which has developed a cloud-based, supplier trading solution, has closed a Series B $8 million financing round. The investment was led by Li Ka-shing's Horizons Ventures. Other investors include Facebook, Spotify, and Siri. Previous investor Magma Venture Partners also participated in the round.
Nipendo will use the capital investment to scale its business operations and expand to the U.S, a strategic move initiated by the opening of its new headquarters in Boston, Massachusetts. The company's Israel operations are based in Netanya.
Nipendo also announced that Horizons Ventures CTO Gilad Novik, has joined the its board of directors. This appointment brings the board to five members, including Modi Rosen of Magma Venture Partners, Avner Schneur, founder and former CEO of Emptoris (acquired by IBM), and Nipendo's two co-founders Eyal Rosenberg and Alon Rosenberg. The new funding and extended board positions the company for its next stage of growth focused on the enterprise business market in North America.
Novik said,"Nipendo has brought to market a truly disruptive solution with its social business network. Its rapid adoption by many world-class, industry-leading companies, endorses the value it is delivering."
Nipendo is pioneering a high-capacity, trading partner network that aims to remove supply chain bottlenecks caused by manual or aging processes as well as longstanding legacy systems that have traditionally relied on EDI protocols, value added networks or extranets; each of these approaches are time-consuming, costly and burdensome.
Major companies and organizations have adopted Nipendo across key industries, including high tech, defense, healthcare, telecommunications, pharmaceutical, banking, and food and beverage. Nipendo's platform is also used by numerous multinationals, including Pfizer, HP, Lilly, IBM, Office Depot and Teva.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2013
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