IronSource Raises $25 Million for Expansion

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IronSource's office in Tel Aviv.Credit: David Bachar

IronSource raises $25 million for expansion

IronSource, which helps developers distribute their apps and make money off of them, said Wednesday it raised $25 million from a group led by Len Blavatnik’s Access Industries. That brought the Israeli startup’s latest funding round to $103 million, which the company said would be used to boost its market share, expand product offerings and make acquisitions. Founded in 2010, IronSource has about 500 employees in Tel Aviv, Beijing, San Francisco and New York and plans to open offices in Europe and in South America in 2015. “We are moving to a strategy of organic and nonorganic growth,” IronSource CEO Tomer Bar-Zeev told TheMarker. “2015 will be the year of acquisitions.” (Inbal Orpaz)

Citi app contest offers $100,000 in prizes

Citigroup is inviting Israel app developers to enter a competition it’s holding in Jerusalem in April. Participants will have access to the banking group’s application programming interface. Winners of the Citi Mobile Challenge, which will also be held in England, Kenya and Poland, will be awarded prizes that include the chance to become a supplier to the bank’s global operations and a share in the competition’s $100,000 purse. “Citi Mobile Challenge has helped us connect with top developers in Latin America and the United States, and we are excited to bring this opportunity to Jerusalem, London, Nairobi and Warsaw,” said Heather Cox, chief client experience, digital and marketing officer for global consumer banking at Citi. (Amir Teig)

Three startups raise more than $11 million

Three Israeli startups have raised in excess of $11 million in the last several days. Cybersecurity firm Namogoo raised $5 million from 83North (formerly Greylock Israel), Blumberg Capital, Inimiti Venture Capital and FundersGuild. Meanwhile, the Globes financial daily reports that Vectorious Medical Technologies, maker of a device to treat congestive heart failure, raised $5 million in a round that included the RadBioMed incubator, private investors and the Cleveland Clinic’s Global Cardiovascular Innovation Center. Knowmail said it raised $1.2 million in seed funding to develop software that helps employees communicate and collaborate better. The funding was led Plus Ventures. (TheMarker)