Israeli startup Blender today announced that it had raised $5 million from Blumberg Capital. The company has raised $3.5 million since it was founded, not including the current round. Blender, which commenced operations eight months ago, operates a platform enabling people to lend money to other people or entities without banking intermediaries (P2P).
Blender, founded by CEO Dr. Gal Aviv, CTO Boaz Aviv, and VP product Barak Gur, connects people with capital looking for a return on their money in a zero interest rate environment and entities in need of financing. The company says that since its service was launched in November 2014, NIS 10 million in loans have been granted through its platform. The average loan amounts to NIS 15,000-20,000 and bears 6% annual interest.
Gal Aviv said today, "Many business and financial concerns in Israel and overseas are showing great interest in Blender. The current agreement with the Blumberg fund is the result of the close relations we have maintained recently and the fund leaders' familiarity with the unique technology developed by Blender. Blumberg knows the global P2P market very well, and its aim is to support the company in entering new markets, and to make it a leading global company. The current financing round will enable us to consolidate Blender's status in Israel and to open new markets in Western Europe and Latin America."
Following the investment, Blumberg Capital senior partner Alon Lifshitz will join Blender's board of directors. Lifshitz said today, "Blumberg Capital's goal is to lead the financial world of tomorrow. Blender connects with the fund's global strategy, and together, we believe that we can lead the company to a substantial international breakthrough in Western European countries, Latin America, and Asia. We saw in Blender technological leadership and a strong team that can lead the company to significant achievements."
Published by Globes [online], Israel business news - www.globes-online.com - on July 12, 2015
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