Injured IDF reservist's company raises over $100 million

Itamar Ben Hemo, injured during IDF reservist duty in January, credits Israelis' definitive resilience, hope, and extraordinary spirit as reasons for his success.

By RAQUEL GUERTZENSTEIN FROHLICH DECEMBER 26, 2024 06:13

IDF soldiers operate in the Gaza Strip, December 25, 2024. (photo credit: IDF SPOKESPERSON'S UNIT)

Approaching the Hanukkah season, two Israeli entrepreneurs shined a light on their stories of business miracles – Itamar Ben Hemo and Gal Ringel, both CEOs as well as co-founders of their respective companies, Rivery and Mine, shared their experiences navigating Israeli start-ups through wartime.

In the first three months of the war, Ben Hemo volunteered for IDF reserves while remotely managing Rivery, a DataOps platform founded in 2019 that simplifies data management. In that time, he took part in evacuating survivors and injured soldiers from Gaza.

In January 2024, during a rescue mission, Ben Hemo sustained a bullet wound to his chest that narrowly missed his heart. He returned to his company after months of recovery.

Ben Hemo noted that this experience deeply impacted him, leading him to choose to make a meaningful difference in his personal and professional life.

“I went from fighting for my life to building something that could change lives,” Ben Hemo said. “This journey isn’t just mine – it’s a story of resilience, hope, and the extraordinary spirit that defines us as Israelis.”

Israelis visit the site of the Re'im music festival massacre, in southern Israel, May 15, 2024. (credit: Arie Leib Abrams/Flash90)

Fundraising escalates during the war

In the second week of the war, Mine, which operates in the field of data privacy and governance, raised $30 million in a Series B funding round.

Ringel highlighted the challenges of completing this funding round during the war – and the miraculous support that made it happen.

“In the first few days, there was an absolute worldwide shock, especially among international investors,” Ringel said. “However, very quickly, we received extensive support from all of our investors, both new and existing. Their trust in our technology and team made it possible to complete the funding round successfully.”

Now, more than a year into the war, Ben Hemo negotiated Rivery’s sale to US-based Boomi which brought in about $100 million.

SharkNinja, HelloFresh, Fender, Global-e, and Snappy were among Mine’s first 150 paying customers.

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Mine, also founded in 2019, had a Business Continuity Plan implemented after October 7 that was adjusted as needed to match the changing circumstances, Ringel explained.

“Overall, morale within the company is relatively stable, and we are investing significant resources into employee well-being, ensuring they have everything they need,” Ringel said. 

“From a business perspective, we have not experienced any significant disruptions and continue to operate ‘business as usual,’ thanks to our teams in Israel and the United States. The US team has taken on greater responsibility since the events began, which has helped us maintain our workflow.”