Israeli equity crowdfunding platform iAngels has logged a second exit.
The Tel Aviv based, co-investment equity crowdfunding platform iAngels has seen another of its portfolio companies complete an exit. Flayvr (which appears to have rebranded as "MyRoll") is an app that helps computer, tablet and mobile phone users to simply and efficiently sort their digital photo collections. The company has just been acquired by security software giant AVG Technologies NV for an undisclosed sum of money. This marks the second trade sale of an iAngels portfolio company. The social gaming platform Big Blue Parrot was acquired by mobile gaming megalith Playtika in mid-September.
However, as with the Big Blue Parrot exit, we’re not privy to any figures relating to the Flayvr deal. What we know is that the company raised $2m in April 2014 in order to further its growth. That funding came courtesy of numerous venture capital and Angel investors, with participation from iAngels investors.
AVG will be adding Flayvr’s Gallery Doctor app, which identifies and removes “bad photos” from photo albums on Android and iOS devices, to its existing AVG Cleaner product. The product integration will be completed in Q1 2016.
Mor Assia, Founder Partner at iAngels, commented on the acquisition:
“Global corporate demand for Israeli innovation is higher than ever before. For U.S. investors to profit from this market dynamic, they need a trusted partner in Israel who has visibility and access to the deal flow of Israel’s most successful angel investors.”
We count this as the global equity crowdfunding industry’s fifth exit event to date. In order of chronology, we’ve had OurCrowd’s Rewalk Robotics, Companisto’s 5 Cups and Some Sugar, CrowdCube’s eCar Club, iAngels’ Big Blue Parrot and now Flayvr. Ron Levy, CEO of Flayvr, extolled the advantages of the iAngels model:
“When the top investors in the industry back your company, you know you have a much better chance to succeed as they bring with them decades of experience. iAngels worked closely with Flayvr early on, which helped me broaden my exposure globally, and position Flayvr for what's ahead.”
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.