Fibery

Fiber was founded by Belarusian Mikhail Dubakov in 2020. The startup is developing a system that allows businesses to collect solutions to manage their processes and organize knowledge. The solution helps companies aggregate information in one place, connect it, turn knowledge into work and have a single context, the developers say.

History

2023: Raising $5.2 million

Fiber's workflow management platform raised $5.2 million for development as part of the Series A funding round. The company, founded by Belarusians, announced this on January 31, 2023.

The investment program was led by the Israeli venture capital company Tal Venture with the participation of Altair Capital. With the funds received, Fiber plans to expand its marketing and trading operations, as well as accelerate growth, focusing on development and new sales channels. Thus, as of the end of January 2023, Fiber raised a total of $8.3 million.

CEO and cofounder of the Fiberly project Mikhail Dubakov

My team and I have worked hard to rethink the future of work and knowledge management. I am confident that our solution is the next big step towards providing startups of any size with the connected workspace most suitable for their needs, "said Mikhail Dubakov, CEO and co-founder of Fiber.

The company says its solution replaces numerous workflow management tools with a single connected platform. It provides the building blocks you need to create a personalized workspace tailored to your unique and changing needs. The platform can be modified as customers scale up their business. Fiber emphasizes that its product transforms understanding of how startups approach overcoming difficulties, collaborate and fix problems. At the same time, technology costs are reduced.

Fiber has found a unique product match to the market, creating an intelligent, well-implemented solution that will help startups and businesses work better, faster and more efficiently together, adds Miriam Shtilman-Lavsovski, a partner at Tal Ventures.[1]

2021: Raising $3.1 million

In early August 2021, it became known that the investment company AltaIR Capital, the founder of which is Igor Ryabenky, invested in Fiber. According to the results of the seed round, the startup raised $3.1 million. In addition to the fund itself, its founders invested their own funds in Fiber.

The project team decided to focus on food companies measuring 50-300 people. The main customers are product managers and analysts. Fiber founder Mikhail Dubakov says that by early August 2021, the project has more than 100 paid customers, including companies such as Lemonade, Plex, Rosetta Stone and Vochi ai.

Russian Altair Capital invested in Fiber business process management service

Earlier in 2021, the Fiber development team moved from Belarus to other countries, including Cyprus and Poland. Migration is associated with the political situation in Belarus.

You can imagine how difficult it is for team members to focus on the development of Fiber in such conditions. Relocate is a complex psychological process. However, we must go through these turbulent times and survive, - said Mikhail Dubakov.

At the same time, he believes that there are positive moments in the move. In particular, the startup began to understand the essence of remote communication, due to the reduction of social contacts, you work more, and most importantly, in security conditions, emigrant employees focus better on tasks than in unpredictable ones in Belarus, Dubakov explained.^[2]

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