In a surprising turn of events amid the ongoing global uncertainties, Israeli startup Mine has successfully raised $30 million in a Series B funding round. The investment was co-led by Battery Ventures and PayPal Ventures, with a substantial investment from Nationwide, a prominent insurance company.
Mine CEO, Gal Ringel, emphasized the company’s resilience in the face of adversity, stating, “The funding was completed in the second week of October, a week after the outbreak of the war. Despite the difficult situation in the financial markets since March last year, we have managed the company in a very careful and disciplined way.”
Mine, specializing in B2B and B2C solutions in the realm of data privacy and governance, has exhibited impressive growth, boasting a fourfold increase in Annual Recurring Revenue (ARR) in 2023. The company’s unique approach involves automated mapping of all systems and data within an organization, ensuring compliance with diverse data governance standards and privacy regulations.
The Series B funding round, in addition to being led by Battery Ventures and featuring PayPal and Nationwide, saw participation from existing investors, including Google’s AI fund, Gradient Ventures, Saban Ventures, MassMutual Ventures, and Headline Ventures. Noteworthy among Mine’s 150 customers are well-known entities such as Reddit, HelloFresh SE, Fender, Guesty, Snappy, and Data.ai.
The raised capital is earmarked to support Mine’s future endeavors and facilitate the global expansion of its MineOS B2B platform, particularly targeting the US and enterprise segments. The company plans to recruit dozens of developers, as well as Quality Assurance (QA) and Machine Learning (ML) professionals in Israel, propelling the platform into new territories and spearheading technological advancements in the data market.
What is Mine?
Established in early 2019, Mine currently employs approximately 35 individuals across offices in Tel Aviv, the US, and Germany. The company’s core mission revolves around making privacy regulations accessible to individuals and businesses alike.
The MineOS platform, operating with no code and high coverage, enables organizations to manage their data and privacy needs swiftly and efficiently, thereby reducing risks and cutting costs associated with various regulations.
Initially developing an application for B2C end-users in the privacy realm, Mine gained traction with a user-friendly interface allowing consumers control over their personal data online. Launched in 2020, the app has amassed over five million users worldwide, generating over 50 million requests to more than 600,000 unique companies and organizations. Notably, it has saved over 500,000 users from various digital threats.
Scott Tobin, senior partner at Battery Ventures, expressed enthusiasm: “Our current investment in Mine underscores our confidence in the team’s innovative approach to empowering B2B enterprises around the world in their privacy endeavors, with a completely no-code and automatic model. We look forward to witnessing their continued growth and their leadership in the market.”