Israeli startup Oribi Ltd., which develops technology to collect data on users’ online behavior announced on Wednesday that it has raised $15.5 million in a Series B investment round led by Ibex Investors and joined by MoreTech as well as existing investment firms TLV Partners, S-Capital, and Sequoia. This round brings the total amount of investments in the company to $27 million.
Oribi was founded by Iris Shoor, who also serves as its CEO. This is Shoor’s third startup, having previously founded software startups OverOps and VisualTao, which was acquired by Autodesk. The round will be used by the company to accelerate its growth, expand its technology, and grow its workforce. Currently, the company employs 30 people and is set to grow to 50 over the coming year.
Oribi aspires to solve one of the main challenges that every company with online activity faces, which is analyzing online sales and currency conversions. The company’s product integrates easily with websites and marketing channels and provides insights and answers to the most basic questions that arise when analyzing marketing results, from measuring the effectiveness of each marketing channel to evaluating site visitor behavior. Oribi is rapidly becoming a key alternative to Google Analytics by providing a simpler way to collect and analyze marketing data.
“I decided to build a tool like Oribi after leading the marketing and product teams at the two other startups I founded. It always amazed me how complicated it was to answer the most basic marketing questions - questions that every site owner needs answers to,” said Shoor. The company has 1,000 subscribed customers, and even during the coronavirus (Covid-19) pandemic registered impressive growth over the past year. Some of its customers include popular eCommerce sites, marketing agencies, tech companies, universities, marketplaces, and more.
Gal Gitter, Managing Partner at Ibex, shared why the firm decided to invest in Oribi. “We are at a time when businesses are transitioning their activity to the online environment at an accelerated pace. However, with the exception of the largest enterprises, most companies do not have the tools, manpower, or knowledge required to manage and analyze their marketing activities in an optimal or accessible way. We believe that Oribi provides this solution, and already allows many hundreds of businesses to access analyses that were previously only available to Enterprise companies. Since Oribi has eliminated the need to implement code or other integrations, or employ a team of analysts, its business management model can - for the first time - enjoy the same quality of data as large companies. Basically, Oribi opens a window for every business to reach the highest level of online marketing and customer analysis, just as Shopify did with online payments and Wix did with website setup and management,” he said.
Oribi’s solution to automatically collect information about site activity is also used to export the information it has collected to other marketing tools and platforms such as Facebook, Google, email management systems, marketing management systems, and more with a simple click. Recently, Oribi was chosen by Facebook to be included in an abridged list of companies around the world that the tech giant will collaborate with on sending user behavior information to advertisers.