WalkMe is an Israel-based startup that provides cloud-based services for professionals that aids them in engaging and guiding customers, employees, and partners through online experiences. This Series E funding round was led by Insight Venture Partners.
The last funding done by WalkMe occurred about a year ago and included $50 million which came from Insight Venture Partners, Scale Venture Partners, and Greenspring Associates. Funding in 2015 included these three investors, along with Giza Venture Capital and Gemini Israel Ventures. Mangrove Capital Partners participates in Series B funding, along with others. This firm was also the main backer for WalkMe’s Series A funding in 2012. Funding totals come to about $165 million.
Insight Venture Partners is a New York City private equity and venture capital firm that invests in growth-stage companies. Since inception in 1995, the firm has raised more than $7.5 billion to invest in leading companies in both minority and majority deals. Their investing flexibility is intended to help companies and entrepreneurs make deals that are beneficial to them while gaining global reach and growth expertise.
“WalkMe demonstrates tremendous value in helping employees and customers better adopt technology,” said Jeff Horing, Managing Director, Insight Venture Partners. “The WalkMe team has an acute awareness of the digitization challenges facing every enterprise, and we look forward to our continued partnership as they fuel their strength in this market.”
WalkMe’s tools allow teams the ability to add on-screen tips for their sites and apps without requiring any type of recoding. The technology monitors what users are doing in order to determine delays and other issues. At that point, assistance is offered via computer or telephone to help the user do what they are interested in doing, all without requiring a screen change.
The startup reports having over 1,400 customers, including a quarter of the Fortune 500 companies. Some notable customers include Adobe, Microsoft, and OpenTable. The service itself is offered as a freemium model, but specific costs have not been made public at this time.
In 2017, WalkMe has acquired two startups: Abbi, a developer of platforms for automated marketing, and Jaco, a developer of systems that allow software companies and websites to receive feedback on how useful their products are. The acquisitions were fairly small, totaling a few million dollars for both.
WalkMe employs about 500 workers, with 300 in Tel Aviv, and the rest spread throughout Be’er Sheva, Japan, Manhattan, Raleigh, Paris, San Francisco, and Sydney. The company has also disclosed that 40% of their employees are women, with women holding 35% of all technology positions.
The funding that WalkMe has gained is intended to be used to expand into new markets in places like Germany, Japan, and Latin America. It will also be used to make acquisitions that build in big data and machine learning, which is what powers its web-based system’s recommendations and insights.
This funding comes soon after funding rounds for other Israel-based startups, Iguazio and Similar Web.