Craft.io, a product management startup based in Tel Aviv, has closed an $8 million Series A funding round to revolutionize how teams work in an agile environment.
The funding round was led by JAL Ventures, with participation from Fosun RZ Capital, Inimiti, and Ron Zuckerman. With this round, Craft.io has now raised a total of $14.5 million in funding that will be used to accelerate its go-to-market efforts and develop machine learning-based tools to expand its platform’s capabilities.
Tal Shaked, General Partner at JAL Ventures, referred to the startup’s potential to change how agile teams operate by stating:
“Craft.io is at the forefront of a vital transformative process which affects the whole of the modern digital economy: providing the infrastructure to turn IT organizations into product management teams capable of making any enterprise a software powerhouse. Thanks to Craft.io, CIOs at any organization can offer product managers the personalized support they need, defining new standards for software creation within enterprises. We are excited to support the company and its team as they continue their impressive growth and broaden their technological development, building on their track record of bringing product data to life across the entire product management lifecycle.”
Craft.io was founded with product managers in mind as it aims to improve collaboration and adaptability among teams, helping product managers across every step of their roadmap. The platform is now used by some of the world’s biggest companies, including Kimberly-Clark, SAP, Danone, and Cisco Systems.
Elad Simon, CEO of Craft.io, said about how organizations can benefit from using the startup’s solution:
“For years, product management teams have lacked specialized, high-quality tools to help them do their jobs better, even as digital product managers have become increasingly pivotal in both tech and non-tech organizations. As a result, many enterprises are losing out on the immense value that skilled product managers can generate. This puts them at risk of being disrupted not only by innovative startups, but also by long-time competitors that better adapt to the digital world.”
By providing product managers with a unified solution, Craft.io is allowing them to create better software at a more efficient rate and lower costs. With most companies now requiring a dedicated development team for the creation of in-house tools and managing of critical infrastructure, the startup believes it can become a major player in the growing industry.