Entrio, the way enterprises adopt technology responsibly, extends its recent funding round to $11M to expand its reach from banks to broader financial institutions, namely insurance.
NEW YORK, Nov. 14, 2023 /PRNewswire-PRWeb/ -- Israeli startup Entrio, the responsible tech adoption platform, extends its recent funding round to $11M and welcomes new investors American Family Ventures, Fin Capital, and Selah Ventures with additional support from existing investor Alicorn.
The average tech stack in banks and financial institutions can exceed ten thousand solutions and is valued at hundreds of millions of dollars per organization. This makes tech visibility and management difficult, leading to an even greater rise in spend and technical debt. Entrio is leading the way for these organizations to better adopt technology by optimizing its use and eliminating unnecessary risks and expenses, usually in the tens of millions of dollars range.
Entrio's Live Solutions Catalog continuously maps all third-party solutions, including where they are used and how they are used. It categorizes their capabilities, compares them to other solutions in the market, and provides up-to-date market intelligence on vendors and solutions. Entrio enables technology leaders to evolve their tech stack with transparency, efficiency, and agility, ensuring sustainable growth for the enterprise.
"We've been fortunate to quickly achieve a strong track record with some of the world's top tier banks," said Avi Cohen, Co-founder & 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."
"Tech stack optimization is a leading priority for companies today, especially those operating in complex, regulated industries like insurance," said Brittany Clements, American Family Ventures Managing Director. "Entrio helps organizations dynamically understand what they have, how it's being used, and what value it provides. We're excited about how this view can help organizations reduce costs, mitigate risk, and ultimately allocate dollars to solutions that will drive the most business value."
"We're proud to be following our initial investment in Entrio with further support for the company's vision," said Alexander Assim, Alicorn Managing Partner. "It's becoming less and less of a secret that expenses in enterprises on software applications are only coming second to employees and office costs in size. That's a serious problem given enterprises, especially large ones, still have a suboptimal ability to visualise, rationalise and manage that software and vendor stack from a cost basis, let alone usage and risk metrics."
Entrio was founded by Avi Cohen (CEO), Gil Devora (CBO) and Moises Cohen (CPO) in 2021. The company is chaired by Elisha Wiesel, the former CIO of Goldman Sachs. The initial injection of capital this round was led by Communitas Capital Partners joined by BNY Mellon, Vintage Investment Partners, Alicorn and Elisha Wiesel.
Entrio is a tech adoption platform built for financial institutions to tech up right. It allows enterprise architecture and IT teams to continuously manage, reuse, and add technology while ensuring efficient and sustainable growth for their business. Entrio can be deployed in days and deliver immediate ROI by accelerating time to market, cutting costs, and reducing risks. The company is ISO-27001 certified, SOC-2 ready, and is proud to work with some of the largest banks in the world. Visit entrio.io for more information.
About American Family Ventures
American Family Ventures is a venture capital firm focused on insurance innovation. Founded in 2013, AFV invests in early-stage startups that are redefining the future of the insurance industry. AFV aims to help create category-leading companies through minority equity investments, active partnership and collaboration, an extensive insurtech network, an industry-spanning Limited Partner syndicate, and a comprehensive platform of value-add programs. To learn more, visit amfamventures.com.
Fin Capital is a global asset manager focused on full life cycle investing in B2B FinTech companies. Founded by Logan Allin, Fin Capital is passionate about rolling up its sleeves and partnering with repeat entrepreneurs that have deep financial services experience, audacious goals, differentiated products, and a global mindset. The firm seeks to add meaningful value beyond capital throughout the partnership lifecycle with a proprietary "OS" Lighthouse, hands-on operating playbooks, and deep operational experience. Fin is headquartered in San Francisco, with offices in Los Angeles, London, Miami, and New York.
About Alicorn Venture Partners
Alicorn Venture Partners (AVP) is a venture capital firm that invests in established yet undervalued companies across enterprise software, commercial AI/ML, cybersecurity, and deep tech. At AVP we're igniting tech growth through secondary-dominant venture capital, with the dedication of private equity investment. We engage primarily with early and growth-stage companies to offer more than just capital. We provide hands-on expertise and on-the-ground support for CEOs.