Israeli private equity fund Fortissimo Capital has announced that it is investing $20 million in Israeli fintech company Green Invoice. Sources estimate that Fortissimo will take a 30% stake in the company at a valuation of $67 million, post money.
Green Invoice provides freelancers as well as small and medium businesses with digital tools for management. Packages are advertised on the company's website for between NIS 228 and NIS 996 per year, and customers can connect to third party services like Wix and PayPal.
The investment will help accelerate the company’s growth plans including further expansion in Israel and entering international markets. The investment will also allow Green Invoice to expand its product offering, provide an all-in-one solution for freelancers and SMBs, and expand to larger businesses. The company said that the funding will allow them to continue to recruit high-quality personnel with a drive and passion for value creation.
Green Invoice is an Israeli SaaS company that has developed an entire ecosystem, based on advanced technologies, aiming to provide a solution for most needs and challenges of freelancers and small businesses. The company, which was founded 10 years ago by CEO Lior Wilczynski and CTO Rami Gabai, has not previously raised funds.
The company has developed a digital system that offers solutions for payments and collection, credit card clearance, eCommerce, documents production, analysis of expenses, and more. Since it was established, the company has grown revenue by more than 30% a year and has over 80,000 0 clients. The company has 50 employees in Israel, and is headquartered in the Azrieli Sarona Tower in Tel Aviv.
Fortissimo Capital founder and managing partner Yuval Cohen said, "We expect the community of freelancers and SMBs to grow substantially in the upcoming years. Most available technologies fail to provide this community with the right solution, one that is both effective and simple. We found Green Invoice to be an outstanding platform for innovative solutions in this field. The company has a strategic vision, leading products, strong reputation and a wide base of clients, and we intend to accelerate its growth by developing more innovative products and expanding to new target countries." Green Invoice founders Lior Wilczynski and Rami Gabai said, "We started Green Invoice out of a vision for creating an entire ecosystem for freelancers and small businesses in Israel, and this is what leads us through today. Green Invoice is not just a simple and intuitive digital solution, but a complete package that supports independent businesses and prevents them from feeling alone in their work, using a wide supportive community that we have created."
Published by Globes, Israel business news - en.globes.co.il - on February 22, 2021
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