We are proud to announce that we have entered into a definitive agreement to sell all of our holdings in our portfolio company, Morning (a/k/a Green Invoice), to TeamSystem, an Italian company. As a leading SaaS business management platform for small-to-medium businesses (SMBs) and freelancers in Israel, Morning has experienced exceptional growth and solidified its market leadership since our initial investment in 2021.
Serving over 150,000 active businesses, Morning’s platform provides a comprehensive suite of digital tools that simplify complex management tasks and deliver valuable business insights. These features include invoice and document generation, financial reporting, expense management, credit card processing for online sales, and more. Beyond its core functionalities, Morning enriches its user community through resources such as magazines, guides, podcasts, and an active forum.
Visionary Beginnings
When we first met Morning (formerly Green Invoice) in 2021, the company stood out as a market leader with an impressive brand and a strong ecosystem of supportive, satisfied customers. The founders, Lior Wilchinsky (CEO) and Rami Gabbay (CTO), shared our values and growth aspirations, presenting a vision that strongly aligned with our investment thesis and long-term strategic foresight.
The company’s SaaS business model, characterized by recurring revenue and strong unit economics, provided a robust foundation for scalable success. During our initial conversations with customers as part of our due diligence process, it became clear that Morning had cultivated an unparalleled level of trust and admiration. Virtually every customer we spoke to expressed their enthusiasm by saying, ‘We love Green Invoice,’ highlighting the strength of its brand.
A Partnership Built on Trust and Purpose
In the early post-investment phase, we focused on strengthening the company’s foundation to support long-term growth. This included building a robust management team by recruiting key leadership roles, including a CFO, Head of Data, VP of R&D, VP of Product, and VP of Marketing.
Together with Lior and Rami, we developed a comprehensive long-term strategy for the Israeli market and refined the product roadmap to better align with customer needs. Additionally, we transformed the company’s data collection and analysis capabilities, unlocking actionable insights that enhanced operational efficiencies and informed critical decision-making.
Since 2021, Morning has experienced accelerated growth, with profits rising significantly as the company scaled. The leadership team became a cohesive, high-performing unit, driving the business forward with a clear vision and purpose. This momentum culminated in August 2023, when Morning secured a second-level license from the Israel Securities Authority, becoming one of the first Israeli companies to lead the Open Banking revolution for SMBs and freelancers. This license enables seamless payment initiation via banking transactions embedded in invoices, powered by API connections with Israeli banks—a transformative development for its customers.
Looking Ahead
At the heart of this success has been our close partnership with Morning’s founders. The mutual trust and shared purpose we built with Lior and Rami created a “secret sauce” that fueled the company’s journey, propelling them to where they are today.
We are proud to have been part of Morning’s journey and wish them continued success.
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