Tuesday, June 19, 2007

KnockaTV Raises $1M

KnockaTV , an Israeli startup founded by former Mirabilis ICQ employees, is developing a product that will connect the Internet and TV in a "Do it Yourself" fashion. KnocaTV was formerly known as ISeeU and is led by co-founder and CEO, Nir Erlich.

Israeli VC firm Evergreen made the investment, placing their second major internet investment in Israel this year. Managing Partner Erez Shachar and investment manager Tomer Afek recently gave an interview on their Internet invesment strategy.

From the interview:

What is it that makes the Internet model different from those in other fields?

"In Internet you have to move fast. Until now the Israeli venture capital market would assess a company over three months and only then decide whether or not to invest $3 million. There's no need for a sum like this in an Internet company, and one needs to move a lot faster. To this end, entities have been set up throughout the world, and recently in Israel as well, which operate in a way suited to Internet companies and not semiconductor companies, for example. This means faster tracks, such as Quick Start, an Internet track operated by US venture capital fund Charles River Ventures that makes small investments in many companies."

UPDATE: TechCrunch posted about Knocka TV today. See coverage here.

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