Israeli software development firm Frontegg announces $5m. seed round

October 14, 2020 By iwano@_84 Off

Israel-based firm Frontegg has announced a $5 million seed round on Wednesday as it sets out to accelerate innovation in the global Software-as-a-Service (SaaS) market.The round of funding was led by Pitango, with backing from i3 Equity and Global Founders Capital.Founded by SaaS industry veterans Sagi Rodin and Aviad Mizrachi – who experienced the innovation and development tax first-hand, building and scaling enterprise-grade applications at CheckPoint (Nasdaq: CHKP), HTS, and Vicon Industries – the company is notable for having developed the first platform designed to fast-track SaaS development and innovation, with its pre-built product able to easily integrate with existing SaaS applications. This allows development teams to focus on perfecting the essential features of their SaaS offering, essentially streamlining the development process, further facilitating growth at an affordable and efficient rate. Its product has already been integrated by numerous clients in North America, and is set to expand in the upcoming quarters.
The versatility of this product is especially notable given the rise of the global SaaS market, which is projected to reach a value of over $116 billion in 2020 and with over 80% of companies worldwide planning on offering some form of SaaS by 2022.“As a CTO, I strive to focus my R&D resources on developing our own core product while not compromising on the features that make our SaaS offering shine,” AppsFlyer co-founder and CTO Reshef Mann said in a statement regarding Frontegg. “That’s exactly the value that Frontegg provides, a state of the art SaaS-as-a-Service platform, perfectly integrated within our stack and allowing us to focus on what we love doing best – building AppsFlyer’s leading marketing platform.” “Over the last decade, the SaaS market has matured and customer expectations for SaaS features have become firmly established,” said Ayal Itzkovitz, a managing partner at Pitango, who has joined Frontegg’s board of directors. “SaaS companies building products powered by the Frontegg platform can supercharge SaaS innovation, simplifying the development process while delivering solutions with the confidence they will be secure, stable and scalable, all the while meeting high customer expectations for experience and performance.”“We were the first to recognize Frontegg and the fundamental gap in the SaaS market, the start-up had identified, as well as the first to invest in the company,” said Noga Kap, managing partner at i3 Equity.“We found visionary founders with a strong technological background, a management team with a proven track record in developing and deploying SaaS solutions. We are confident that Frontegg is about to revolutionize the SaaS market, like Wix did for Web Development and Gong for Sales.”

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