Point of sale marketing co TVeez nears funding close

e-commerce start-up TVeez Ltd. is set to close its third financing round, raising up to $20 million. The company, which was founded by Yair Goldfinger, one of the founders of Mirabilis, the developer of the ICQ messaging program, and CEO Adi Eyal, has raised $12 million to date from a series of private investors. Giza Venture Capital and Benchmark Capital are among the investors participating in the current round, which the company is expected to close in the coming weeks.

TVeez develops solutions for real time management of sales and marketing strategy at points-of-sale. The company has developed an ERP-based solution enabling retailers, banks, and service providers to deliver the appropriate product and the right product information to each of their customers at the point of purchase. The point-of-sale advertising currently in use is not focused and therefore not suited to all customers.

Earlier this year TVeeze signed a contract worth $10 million with Citibank, and the company believes that the next stage in its business with Citibank could generate a further $35 million revenue. According to IVC Online data, TVeeze had $2.5 million in sales in 2007.

Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2008