The company has now raised $23 million.

Web-based project management software company has raised $8 million in its third fund raising round. Coincidentally Clarizen raised close to $8 million in each of its first two fund raising rounds.

This round was led by US venture capital fund DAG Ventures, which was joined by previous Israeli venture capital investors Benchmark and Carmel. The company has now raised $23 million.

The company was founded in 2005 by Avinoam Novogrotzky who serves as CEO and Tanya Epstein.

Clarizen's innovative product is based on the SaaS model and can be downloaded from the Internet. The company claims to have a client base of 500 companies and that sales have grown over the past year by 400% to several million dollars.