Neteos, the developer and provider of web-based CRM solutions for emerging enterprises, has raised $6 million in second-round financing.
Formula Ventures led the round and was joined by Shamrock Holdings and Poalim Capital Markets. Proceeds will be used to support continuing growth, to further expand the capabilities of eRMNow!, and to support an aggressive sales and market strategy.
Formula Ventures is an early-stage IT venture fund with approximately $90 million under management. The fund’s strategic limited partners include Formula Systems, Vantage Point Venture Partners, and UBS Capital.
Shamrock Holdings is one of the leading merchant banks in the United States. And Poalim Capital Markets is the investment banking arm of Bank Hapoalim, Israel’s largest bank.
Commenting on the investment, Nir Linchevski of Formula Ventures said: “The CRM market is an active space. The Neteos team has set the bar for CRM applications dedicated to the emerging market powerhouses – the mid-sized enterprise.”
“Our core belief is that agility, cost, and time are of equal importance to function when designing a solution for today’s emerging enterprises,” said Michael Chuli, CEO and president. “The backing of these partners is further testimony to the value of Neteos’ breakthrough CRM solution, and it sets the stage for a whole new level of customer interaction.”
Neteos recently relocated its corporate headquarters to a new, larger facility in Waltham, Mass., US. The number of employees has doubled to 40 and is expected to exceed 90 by year’s end.