A few popular names from the Israeli tech ecosystem, including a couple Unicorn founders, get behind a young Israeli startup innovating in the MarTech industry. After bootstrapping for the past two years, InfiniGrow, which develops marketing management and monitoring technologies, announces a $5.25 million Seed round.
Planning and attribution in one product
Marketing teams today face 2 main challenges. The first being the lack of tools to prove a marketing campaign’s business impact, which often leads to marketing budgets being slashed; and the other one focuses on the inability of marketing teams to properly prepare for the future, due to uncertainty and the fact that past success is no longer a key factor, after COVID. InfiniGrow’s product combines attribution, meaning the link between marketing activity and results; and planning, referencing future campaigns and activity. This way enterprises can make quick modifications to the marketing plan and respond to changes in real-time; ensuring that at every given moment marketing budgets are being optimally utilized.
According to the company’s numbers, choosing the wrong marketing channels at the wrong time and budget can result in up to 30% decrease in marketing budgets. The company lists a few key customers, including Virtana, Cato Network, Orca Security, Bizzabo, and Papaya Global, among others.
InfiniGrow was founded in 2019 by CEO Daniel Meler and CTO Dor Lahav, and has a team of 10 employees operating from the company’s Tel Aviv headquarters. Yesterday, the company came out with the $5.25 million Seed announcement, which was led by AnD Ventures. In addition, the round saw participation from Adi Azaria, SiSense co-founder; Kipp Bodnar, CMO at HubSpot; Scott Leatherman, former SVP at SAP Global; Dave McDowell, SVP Samsung; Gil Hirsch, the entrepreneur behind StreamElements, and the man who sold face.com to Facebook; Or Offer, SimilarWeb founder; Uri Gruenbaum, TipRanks founder; Warton Prof. Gad Alon, and others.
CEO and co-founder Daniel Meler tells Geektime that the founding team knew the bootstrap life couldn’t last forever, and funding was imminent: “Because we solve a costly and valuable problem for B2B companies, it was clear from the beginning that we couldn’t go bootstrap all the way, and we’d have to turn to the VC pool at some point, to help scale quickly and establish ourselves as market leaders. On the other hand, it was crucial for us to grow in a healthy way and prove our thesis before embarking on the Seed round. We wanted to get to the round prepared, and we believed (and were justified) that strategically, our market-ready product would help us raise funds from the highest level of venture capital firms, as well as the equally important task of leveraging the capital to build a strong layer of industry experts, which we could only dream of prior to the round. I think we know by now what we bring to the table. I don’t have 30 years of experience, not in life nor in business. So instead of funding for the sake of it, we developed an incredible product that speaks for itself, we onboarded amazing people, and along the way, we raised some money. It was the perfect hack.”
You have a pretty long list of founders as investors. How does it work? Isn’t it difficult to separate the will to manage against investing?
Meler: “For us it’s truly amazing. In my opinion, once you hit a certain benchmark of success it’s only natural to want to share knowledge and experience with the next wave. Everybody wants to be part of success, and if they can give just a few hours a week or a month to help prevent us from making the same mistakes they made starting up, and making more educated decisions, then it’s a win-win for everyone. Beyond that, I believe they really enjoy the collaboration, and between us, it probably sends them back to the fund days of early stage success.”