Israeli digital adoption co WalkMe raises $90m

Rephael Sweary Photo: WalkMe

The Israeli company has raised $307 million to date and says that it has almost doubled its valuation in the last year.

Israeli digital adoption company WalkMe announced today that it has closed a $90 million financing round led by Vitruvian Partners and with the participation of previous investor Insight Partners. With this latest funding, WalkMe says that it will continue to expand and help enterprises realize the full potential of their software assets and empower digital transformation across their organization. The company's products are designed to adapt the user experience on websites to the user's personal needs.

WalkMe has raised $307 million to date and says that it has almost doubled its valuation in the last year. Estimates are that the latest financing round was at a valuation of $1.8 billion. Other investors in WalkMe include Mangrove Capital Partners, Scale Venture Partners, Greenspring Associates, Flint Capital, Gemini Israel Ventures, and Giza Venture Capital.

The company was founded in 2011 by CEO Dan Adika, president Rafi Sweary, CPO Eyal Cohen, and Yuval Shalom, who has since left the company. Tel Aviv-based WalkMe was chosen as "Globes" most promising startup of 2016

The company has more than 2,000 customers and in the second quarter of 2019 crossed $100 Million in ARR. In the third quarter of 2019 WalkMe's new business bookings grew 100% compared with the corresponding quarter of 2018.

WalkMe will use the new investment to drive expansion into new markets, including Latin America, and will continue to invest in and rapidly scale its Digital Adoption Platform (DAP) to meet growing customer demand. WalkMe's DAP makes it easy to use any software, website or app - analyzing and automating processes so users can complete tasks faster and easier.

Sweary said, "This latest round of funding speaks to our success and to the untapped potential of digital adoption. WalkMe transforms how organizations gain visibility into their end-to-end business processes, driving workforce productivity, increasing customer satisfaction, and achieving higher operational efficiencies."

"In a few short years, WalkMe has emerged as the category-defining market leader in the fast-growing Digital Adoption Solutions space," said Mike Risman, Managing Partner of Vitruvian Partners. "We are excited to partner with WalkMe as an investor during this pivotal time of accelerated growth and global expansion as the company capitalizes on its market leadership. WalkMe helps the world's most forward-looking enterprises deliver on their digital transformation strategy. The company's platform delights employees with more efficient software interactions, empowers business process owners to steer and re-engineer workflows and provides analytics to help CIOs manage the complexity of the digital transformation proactively."

Published by Globes, Israel business news - en.globes.co.il - on December 9, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Rephael Sweary Photo: WalkMe
Rephael Sweary Photo: WalkMe
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