Nipendo, the Israeli pioneer of the first cloud-based, supplier trading solution, announced today that it has closed its Series B round of funding in the amount of $8 million. The funding round was led by Horizons Ventures, which manages the private venture investments of Mr. Li Ka-shing in the technology sector globally. Its other notable investments include Facebook, Spotify, and Siri. Previous investor Tel Aviv-based Magma Venture Partners also participated in the round. Nipendo will use the capital infusion 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.
In addition to securing this latest round of funding, Nipendo announced that Gilad Novik, Chief Technology Officer of Horizons Ventures, has joined the company’s 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.
Gilad Novik of Horizons Ventures noted, “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 has tremendous potential, and I look forward to being part of the board and working with Eyal and his team.”
“We are honoured to have Gilad join our board and look forward to collaborating with him. His technology expertise, track record working with fast-growing tech companies, and strategic connections will help Nipendo continue its rapid pace of growth,” said Eyal Rosenberg, co-founder and CEO of Nipendo. “We are pleased to receive this investment and validation from Horizons Ventures. Along with our existing investor, Horizons Ventures clearly recognises the tremendous market opportunity and value we deliver through Nipendo’s Supplier Cloud.”
Nipendo has struck a chord with big business. Top market-leading companies and organisations 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.