Media readership engagement management platform OpenWeb (formerly Spot.IM) today announced the completion of a $150 million Series E financing round, at a company valuation of over $1 billion - the latest Israeli startup to achieve unicorn status. The round was led by Insight Partners and Georgian Partners, with the participation of Omer Cygler, Harel, and Entrée Capital and strategic investors, including The New York Times Company, Dentsu and Samsung Next. Prof. Scott Galloway also invested and has joined the company’s board.
OpenWeb’s platform is used by more than 1,000 publishers, including Hearst, Yahoo!, Penske Media Corporation, and News Corp., to gain independence from traditional social media through millions of conversations (talkbacks) across thousands of communities with more than one hundred million monthly users.
The investment will be used to further develop OpenWeb's alternative to existing social media platforms by empowering publishers and brands across verticals with tools to build first-party data relationships with their audiences.
OpenWeb cofounder and CEO Nadav Shoval said, "This Series E marks a big step forward in our mission to improve online conversations. The future of a sustainable open web depends on the ability to facilitate safe experiences, while empowering destinations to build first-party data relationships with their audiences. We raised this round of investment to double down on our mission, and to bring those safer experiences to new verticals and new markets."
OpenWeb plans to expand its global presence with new offices in Canada, the Asia-Pacific China (APAC) region, and the Europe, Middle East, Africa (EMEA) region. The company is also examining strategic acquisitions to enhance its product offerings.
Published by Globes, Israel business news - en.globes.co.il - on November 9, 2021.
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