Startup eTribez has raised $3.5 million, sources inform "Globes." The Israeli company is developing systems for casting and managing production for the television and movie industry. The CE Ventures fund led the round, with participation from the Inimiti fund, a previous investor in eTribez. CE Ventures manages a total of $80 million, and specializes in early-stage investments in media, communications, and Internet companies. Founded in 2012, eTribez has raised a total of $5 million, including the current round. The company said it was making a profit.
Founded by CEO Eli Abayan, COO Nir Segal, and CTO Oz Ben-Eliezer, eTribez provides technological solutions for leading television networks, including BBC, NBC, Fox, and others. The company offers its customers a digital casting system that enables them to double the number of participants in an audition for a specific program, saving over 50% in resources and time. The company says that its product was involved in auditions including 10 million audition participants worldwide. Located on the cloud, eTribez's platform makes it possible to manage all the production processes, including budget, timetables, and other aspects.
eTribez says that its platform has been used in more than 150 productions in 15 countries, including Big Brother (not in Israel), American Idol, and others. The company's product is currently available in 12 languages. eTribez has 30 employees, including 20 in Israel. The company recently opened an office in London, and has activity in Los Angeles. Although eTribez is an Israeli company, its activity in the local television market is insubstantial.
eTribez addes that a year ago, it signed a strategic agreement with global production company Endemol, which among other things is a shareholder in Israeli television franchise holder Reshet. According to eTribez, Endemol is using its platform in over 30 countries.
Commenting on the financing round, Benjamin Weiss, who represents CE Ventures in Israel, said, "We are delighted to lead the eTribez financing round. The television and movie industry is benefiting from growth in viewers and content as a result of the important development of streaming services by companies like Amazon and Netflix… As the only company provding complete end-user solutions for optimal and easy management of content productions, eTribez is in an excellent position, and can leverage this accordingly."
Abayan added, "The current financing round is designed mainly for expansion of international sales activity in the US and Europe, which is undergoing accelerated growth. We will accordingly increase our personnel in the offices in Los Angeles and London, while focusing on strategic cooperation with the world's largest media groups."
Published by Globes [online], Israel Business News - www.globes-online.com - on June 14, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017