Proactivity, engaged in B2B e-Processes, recently raised $1.5 million from existing shareholders, according to technology information service D&A.
TheMarker has learned that the funds were raised due to the company¿s serious cash condition, despite laying off 10 of its 40-person workforce.
Proactivity, founded in 1997, raised a second funding round of $7 million at the end of 1999. Investors include Israeli venture funds Veritas, Israel Seed Partners, Infinity and the Challenge Fund.
Of the remaining 30 employees, fifteen work in the Israeli development center and fifteen in the Boston, Massachusetts marketing center.