Israeli web data and behavior analytics startup Oribi has announced the completion of a $15.5 million Series B financing round, led by Ibex and joined by MoreTech, along with existing investors Sequoia, TLV Partners, and S-Capital.
This round brings the total investment in the company to $27 million, since it was founded in 2015 by CEO Iris Shoor. This is Shoor's third startup, having also been a co-founder at OverOps and VisualTao, which was acquired by Autodesk for $25 million in 2009.
Oribi has 40 employees, the vast majority of them in Israel and up from 12 employees when it completed its previous financing round two years ago.
Oribi, has developed a codeless marketing analytics tool, seeks to make marketing analytics and data collection accessible to every business. The company has developed a technology for collecting user behavior data, without the use of code or code-based integrations.
Oribi aims to solve one of the key challenges that every company with online activity faces-analyzing online sales and conversions. The product developed by Oribi integrates easily with websites and marketing channels, providing insights and answers to the most essential questions that arise when analyzing marketing results, from measuring the effectiveness of each marketing channel to evaluating the behavior of site visitors. Oribi says it becoming a key alternative to Google Analytics by providing a simpler way to collect and analyze marketing data.
Shoor said, "I decided to build a tool like Oribi after leading the marketing and product teams at the two other startups I founded. It always amazed me how complicated it was to answer the most basic marketing questions-questions that every site owner needs answers. Analytics tools have stayed essentially unchanged for over a decade, and we are excited to bring new concepts of technology and product to this market. Thousands of customers have replaced Google Analytics with Oribi. This fundraising will help us get to the next level."
Ibex partner Gal Gitter said "We are at a time when businesses are transitioning their activity to the online environment at an accelerated pace. However, with the exception of the largest enterprises, most companies do not have the tools, manpower, or knowledge required to manage and analyze their marketing activities in an optimal or accessible way. We believe that Oribi provides this solution, and already allows many hundreds of businesses to access analyses that were previously only available to Enterprise companies. Since Oribi has eliminated the need to implement code or other integrations, or employ a team of analysts, SMBs can-for the first time-enjoy the same quality of data as large companies. Basically, Oribi opens a window for every business to reach the highest levels of online marketing and customer analysis, just as Shopify did with online payments and Wix did with website setup and management."
Published by Globes, Israel business news - en.globes.co.il - on February 18, 2021
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