Clarizen, an Israeli-based start up developing SaaS project management software for businesses, has attracted an $8 million round of investment. The round was led by DAG Ventures and joined by previous investors Benchmark Capital (Michael Eisenberg) and Carmel Ventures (Harel Beit-On, who has since then left the fund). The proceeds of this round will be used to expand its marketing and sales operations. This is Clarizen’s third round, bringing the company to a total of $24 million raised since its inception in 2005 (see previous coverage on VC Cafe).
Clarizen’s software helps teams to participate in various aspects of project lifecycle, including scheduling, collaborative planning, time tracking, task management, budget tracking and reporting. According to Clarizen’s press release, the company is experiencing exponential growth in 2009 (or in excess of 400 percent year-over-year) and also reports it has gained more than 100 customers in Q3 alone, despite the challenging global economy.
Avinoam Nowogrodski, co-founder and CEO of Clarizen said:
“Clarizen has an amazing impact on the way companies run their operations. With Clarizen, global enterprises realize that they can stay on top of their business in real time. We deliver a delightfully easy-to-use solution that employees recognize as a valuable tool to make them more effective and efficient. By tracking business processes, our clients gain invaluable insights into the inner workings of their operations. They can then leverage this information to create processes that facilitate continued learning and improvements that impact their bottom line.”
This could be an ‘up round’ for the Israeli start up, considering the significant growth Clarizen has reported and the increasing number of companies moving from hosted services to the cloud.