Israeli fintech company Green Invoice secures first investment from Fortissimo Capital Management
The company, which has been bootstrapped for the past 10 years, aims to double its workforce and break into the European market
Israel-based private equity firm Fortissimo Capital Management is investing around $20 million in Israeli Fintech company Green Invoice. This is the company’s first time raising money having been founded 10 years ago by Lior Wilczynski (CEO) and Rami Gabai (CTO). The investment also features a secondary sale of the founders’ shares. The companies declined to reveal the size of the secondary portion, but according to estimates, most of the capital will be invested in the company. Green Invoice is currently profitable with tens of millions of shekels in annual revenues.
Founded in 2011, Green Invoice, developed an entire ecosystem, based on advanced technologies, aiming to provide a solution for most needs and challenges of freelancers and small businesses. It employs 50 people and boasts 80,000 clients. It states that it controls 50% of its market share in Israel. Small and medium businesses make up the bulk of its clientele, but it also services local large companies such as Hamashbir Lazarchan, BuyMe, Max Brener, Gottex, and ShookIt.
“Following the investment, we aim to grow substantially, doubling our workforce and developing our product in many new directions. Our chief goal is to enter the European market, where the field is still in diapers and governments are trying to aid businesses to transition to the online world,” Wilczynski told Calcalist.
Fortissimo Capital's Yuval Chen and Green Invoice's Lior Wilczynski. Photo: Shari Oz and Amit Shaal
“We expect the community of freelancers and SMBs to grow substantially in the upcoming years. Most available technologies fail to provide this community with the right solution, one that is both effective and simple,” Yuval Cohen, Founder and Managing Partner of Fortissimo Capital said in a statement. “We found Green Invoice to be an outstanding platform for innovative solutions in this field. The company has a strategic vision, leading products, strong reputation, and a wide base of clients, and we intend to accelerate its growth by developing more innovative products and expanding to new target countries.”
“We started Green Invoice out of a vision for creating an entire ecosystem for freelancers and small businesses in Israel, and this is what leads us through today,” said co-founder Rami Gabai.
"Green Invoice is not just a simple and intuitive digital solution, but a complete package that supports independent businesses and prevents them from feeling alone in their work, using a wide supportive community that we have created. We are very happy with Fortissimo’s decision to invest in us, and we are thankful for their trust in our vision and in the company’s capabilities. Green Invoice intends to continue and develop solutions that will make business owners’ life easier in Israel, reach additional target segments, including large business, and penetrate international markets.”
“People are becoming more independent, starting businesses, gaining skills in specific fields, and then realizing that there are a range of business management requirements that draw on their time,” Wilczynski said. "One of the top reasons for businesses closing down in their first five years is financial mismanagement. We decided to lower business owners’ anxiety levels and make business management more accessible.”