SupportSpace Secures $4.25M a Round Funding from Leading Israeli VCS
10/23/2006

BRM and Gemini Lead One of the Largest ‘A’ Round Investments in an Israeli Internet Company in 5 Years

HERZLIYA, Israel--(BUSINESS WIRE)--SupportSpace, an online consumer tech-support startup, announced today it has closed its first round of funding, raising $4.25M from BRM Capital and Gemini Israel Funds. The announcement highlights one of the largest A round investments in an Israeli Internet company in the last 5 years. SupportSpace plans to use the funding to further develop its online tech-support architecture and to establish operations in the US market. SupportSpace was founded by Doron Elgressy, former founder of Security-7 that was acquired by Computer Associates, and Yair Grindlinger, former CEO of Port Authority Technologies (Vidius).

SupportSpace operates in the consumer tech-support market, a huge, fast growing market driven by rapid adoption of new technologies to the home. A strong team of experienced entrepreneurs and executives, a unique service model and proprietary support technologies are the leading factors in the investment decision.

“SupportSpace is building the first online community of professionals delivering tech support services. Our goal is to introduce a reliable, user-friendly web environment that will make it easy for consumers to get effective, affordable tech support at any time,” said SupportSpace Co-founder and CEO Yair Grindlinger.

Gemini Partner Danny Cohen and BRM Managing Director Eli Barkat have joined the Board of Directors of SupportSpace.

Eli Barkat noted that, The need for a complete, affordable solution to the consumer tech support problem is becoming more urgent as consumers are constantly bombarded with new technologies. The company that successfully delivers a user-friendly solution to the consumer will quickly become one of the most important players in the industry.”

Yair and Doron bring extensive, relevant experience from their previous successes to SupportSpace,” said Danny Cohen, Partner at Gemini Israel Funds. Together with good underlying enabling technology and a large potential market, we saw a unique investment opportunity. 
 

About SupportSpace
Founded in 2005, SupportSpace marks the advent of a new era in tech support with a unique service platform designed to address the problems associated with the rapid adoption of new technologies to the home. Focusing on the US market, SupportSpace services will ultimately offer the greatest choice of professional supporters, a cutting edge online support platform and the maximum flexibility regarding pricing and delivery.
SupportSpace is backed by leading Venture Capital firms, Gemini Israel Funds and BRM Capital.
www.supportspace.com




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