Total amount raised
$158 Millions
Latest funding date
3/1/2022
Location
Connecteam has successfully raised significant funding across multiple rounds, attracting notable investors such as Qumra Capital and Insight Partners. The platform offers a comprehensive suite of tools designed to streamline workforce management for deskless teams.
Keep reading to delve into the details of Connecteam's funding journey and discover the key investors backing this innovative platform.
What Is Connecteam?
Connecteam, founded in 2014, is headquartered in Tel Aviv, Israel. The company was established by Amir Nehemia, Daniel Nuriel, and Yonatan Nuriel.
Specializing in workforce management, Connecteam offers a mobile solution that includes tools for time tracking, scheduling, task management, and internal communications. Their platform is designed to streamline operations for deskless teams.
With a workforce of 251-500 employees, Connecteam continues to grow, providing essential tools to enhance productivity and communication for businesses worldwide.
How Much Funding Has Connecteam Raised?
- Series C
- Amount Raised: $120M
- Date: March 2022
- Lead Investors: Insight Partners, Stripes
- Valuation at Round: $800M+
- Motivation Behind the Round: To enhance platform functionality, expand the customer base, and support significant growth.
- Series B
- Amount Raised: $37M
- Date: April 2021
- Lead Investors: Avishai Abrahami, Insight Partners, O.G. Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and expansion efforts.
- Non-Equity Assistance
- Amount Raised: -
- Date: January 2021
- Lead Investors: Google for Startups
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and resources from Google for Startups.
- Pre-Seed Round
- Amount Raised: -
- Date: May 2017
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and validate the market.
- Seed Round
- Amount Raised: $1M
- Date: September 2016
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund early-stage development and market entry.
- Seed Round
- Amount Raised: -
- Date: March 2016
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial operations and product development.
Total Amount Raised: $158M
Current Valuation: $800M+
Key Investors
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm based in New York. They focus on high-growth technology and software companies.
- Investment Focus Areas: Technology, software, high-growth companies.
- Notable Investments: Twitter, Shopify, DocuSign.
- Stripes
- Details: Stripes is a New York-based growth equity firm that invests in software and consumer businesses. They aim to partner with market-leading companies.
- Investment Focus Areas: Software, consumer businesses, growth equity.
- Notable Investments: Udemy, Monday.com, Reformation.
- Tiger Global
- Details: Tiger Global is an investment firm that focuses on public and private companies in the global Internet, software, consumer, and financial technology industries. They have a strong track record in identifying high-potential companies.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Qumra Capital
- Details: Qumra Capital is a growth capital fund that invests in late-stage technology companies. They support companies in scaling their operations and expanding globally.
- Investment Focus Areas: Late-stage technology companies, growth capital.
- Notable Investments: Fiverr, Riskified, Taboola.
- O.G. Tech
- Details: O.G. Tech is the venture capital arm of Eyal Ofer's Ofer Global group. They invest in technology companies with a focus on innovation and growth.
- Investment Focus Areas: Technology, innovation, growth companies.
- Notable Investments: Trax, Innoviz Technologies, Via.
What's Next for Connecteam?
Connecteam stands at the cusp of significant growth, with opportunities to expand its platform functionality and customer base, particularly in North America. The deskless workforce, which makes up 80% of the global workforce, presents a vast market. The company’s rapid growth, marked by a 400% annual increase in revenues, underscores its potential to capture a larger share of this market.
Future fundraising opportunities appear promising, with strong interest from existing investors like Stripes and Insight Partners. However, Connecteam will need to navigate challenges such as intense competition and maintaining scalability while ensuring the platform remains user-friendly. The company’s ability to adapt to diverse industry needs will be crucial for sustained success.
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