Sehiy Tokarev announces investments in a startup founded by former engineers from Facebook, Microsoft, and Rookout

The Ukrainian venture fund Roosh Ventures has invested in the Israeli startup Permit.io, which focuses on simplifying authorization processes in applications, saving companies time and money. This was announced by Serhiy Tokarev, an IT investor and entrepreneur, co-founder of the Roosh investment group and Roosh Ventures venture fund, on Facebook.

“In an era when we have electronic documents and can open an individual entrepreneur status in five minutes without leaving our apartment, it is strange to hear that developers spend up to 50 percent of their time on authorization. This nonsense subsequently affects the speed of product improvement. But soon the problem will be solved—thanks to the efforts of Roosh Ventures’ new portfolio company, Permit.io, which raised $8 million in Series A round,” wrote Tokarev.

Permit.io was founded by former engineers from Facebook, Microsoft, and Rookout. Currently, over 20 companies, including global giants like Tesla, Accenture, Cisco, and Schneider Electric, use the startup’s solution.

Among other investors in the startup are the American fund Scale Venture Partners, NFX, Verissimo Ventures, Firestreak, and 92712. The raised funding will enable the company to scale to meet demand, including expanding its presence in the United States.

Artificial Intelligence is becoming increasingly integrated into business processes, creating the need to manage how AI agents and bots access and utilize data. The Permit.io team has developed the Approval Flows technology, addressing a pressing issue faced by developers worldwide: the significant time spent on creating, managing, and supporting authorizations in applications.

Approval Flows is a solution designed for developer teams who want to securely grant access to their applications and files. The platform features a user-friendly interface that is intuitive even for non-technical specialists. For instance, if a new lead worker joins the engineering team, Approval Flows users can assign the “Lead” role to the new colleague, and they will automatically receive all the necessary access and permissions for project files. This eliminates the need to manually grant access to each file. The platform is available for testing in early access.

“Our no-code solution eliminates the need to hire additional staff, manage, and seek computing resources to configure authorizations across various applications. The funds raised will help us scale quickly to meet demand, including expanding our presence in the United States,” emphasizes Or Weis, co-founder, and CEO of Permit.io.

Serhiy Tokarev refers to Approval Flows as a groundbreaking solution that allows professionals to focus on developing core application functions. Streamlining the automation process will help save not only time but also financial resources.

“Permit is a game-changer among access management solutions, automating manual work and saving precious time for engineers who would otherwise have to shift their focus from improving the product to supporting and administering applications,” comments Ivan Taranenko, an Associate at Roosh Ventures, on the deal.

The co-founders of the Roosh investment group, Denys Dmytrenko and Serhiy Tokarev, established Roosh Ventures in 2021.

Roosh Ventures invests in startups at various stages from Pre-seed to Series A across different industries, with a primary focus on corporate SaaS solutions, fintech, gaming, and AI-based products. Roosh Ventures co-invests in promising technological companies alongside globally recognized large funds and targets the EU and US markets. In its three years of existence, the fund has already invested in well-known startups such as Deel, TheGuarantors, Oura, Pipe, Alma, Playco, Dapper Labs, Arkis, and more than 35 other companies.