Entrio extends its Seed round, raising a total of $11 million for its tech adoption platform
Entrio extends its Seed round, raising a total of $11 million for its tech adoption platform
The company raised an initial $7.5 million earlier this year and has welcomed new investors to help expand its reach from banks to broader financial institutions such as insurance.
Entrio, an Israeli startup that has developed a tech adoption platform for banks and financial institutions, has announced that it has extended its initial Seed round from earlier this year to a total of $11 million. The recent funding welcomes new investors American Family Ventures, Fin Capital, and Selah Ventures, and includes additional support from existing investor Alicorn.
The average tech stack in banks and financial institutions can exceed 10,000 solutions and is valued at hundreds of millions of dollars per organization. This makes tech visibility and management more complicated and may lead to a greater rise in spend and technical debt. Entrio helps organizations adopt better technology by optimizing its use and eliminating unnecessary risks and expenses. Its Live Solutions Catalog maps all third-party solutions and categorizes their capabilities, compares them to other solutions in the market, and provides up-to-date market intelligence on vendors and solutions.
"We’ve been fortunate to quickly achieve a strong track record with the world’s top-tier banks," said Avi Cohen, Co-founder and CEO of Entrio. "This investment allows us to continue our momentum into the broader financial industry, so insurance companies can become more agile and thrive in a world of constant change. Today’s announcement also underscores the resilience of Israeli tech and our commitment to growing our global team."
The company has three main locations, Israel, the U.S., and Hong Kong, and employs a total of 22 people. The funding has come during Israel’s ongoing war with Hamas, but the company confirms it has remained fully operational and supporting its global customers; Cohen confirmed that even though two Israeli engineers have been called to reserve duty and some of its team members have been personally impacted by the 7/10 attack, it is still receiving support from its global team.
“Entrio helps organizations dynamically understand what they have, how it’s being used, and what value it provides,” said Brittany Clements, American Family Ventures Managing Director. Alexander Assim, Alicorn Managing Partner, added: “We’re proud to be following our initial investment in Entrio with further support for the company’s vision.”
Entrio was founded by Cohen alongside Gil Devora (CBO), and Moises Cohen (CPO) in 2021. The company is chaired by Elisha Wiesel, the former CIO of Goldman Sachs.
