Design platform Tailor Brands notched $50 million in a Series C funding round led by strategic investor GoDaddy. The backing marks the biggest investment GoDaddy has ever made in a private company and the first in Israel.
OurCrowd, an Israeli investment firm, also participated in the funding round, as did existing investors Pitango Growth, Mangrove Capital Partners, Armat Group, Disruptive VC and serial entrepreneur Richard Rosenblatt, NoCamels reported on Thursday (July 22).
The platform aims to make it easier for new companies to develop a brand identity and launch and expand their ventures. It can take businesses through the logo design process, develop a website and create social media content.
“Once we started to really track the explosive growth of small businesses as a result of Covid, we knew that Tailor Brands could provide real value for these business owners in a fun and engaging way by removing many of the hurdles that come with establishing and marketing a new business, including consolidating all of the needed services in one place, enabling business owners to free up valuable time to focus on other important aspects of growing their companies,” Tailor Brands CEO Yali Saar said, per the media outlet.
Saar co-founded the company with Tom Lahat and Nadav Shatz.
Based in Tel Aviv and New York, Tailor Brands has grown from a logo maker powered by artificial intelligence (AI) to a software firm that helps freelancers and small businesses elevate their branding. Tailor Brands said it has more than 700,000 new companies joining the platform every month.
The company said it will use the fresh round of capital to offer more tools to help businesses by expanding investments in research and development (R&D) and grow its marketing efforts.
GoDaddy Vice President, Corporate Development Andrew Morbitzer told NoCamels the investment in Tailor Brands coincides with the firm’s vision to “empower everyday entrepreneurs around the world by providing all of the help and tools to succeed online.”