Online assistance platform WalkMe raises $50M Series E

The company, which has now raised $92.5 million, is said to be valued at $400 million

Financial trends and news by Steven Loeb
June 2, 2016
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WalkMe is a company with a very worthy goal: to make the Internet a less confusing place. It's good for users, who may be overwhelmed, and for businesses, who want to retain clients and get the most out of them.

The company has proved to be pretty popular, with both users and investors, as it announced on Thursday that it has received $50 million in Series E funding. The round was led by New York-based venture capital and private equity firm Insight Venture Partners, with participation from existing investors Greenspring Associates, and Scale Venture Partners.

This is the first funding that the company has raised since its $25 million round nearly a year ago. The company has now raised a total amount of $92.5 million in venture funding. Previous investors included Mangrove Capital Partners, Giza Venture Capital and Gemini Israel Ventures.

No valuation was disclosed, but TechCrunch is pegging it at $400 million. VatorNews reached out to WalkMe to confirm this number, but the company would not comment.

Launched in 2011, the Tel Aviv-based WalkMe is a guidance system that layers on top of a Web page to “walk” Web users through. It provides online publishers with the ability to create simple on-screen walkthroughs to make the Internet an easier place to navigate.

So, for example, a bank may user WalkMe to show its customers how to use different features on its site, such as how to transfer money between accounts or how to pay their bills directly. Or an employer can use WalkMe to help with onboarding, assisting new employeers with learning how to use their systems.

Along with the $75 million it has raised in the past year, WalkMe has also been growing and expanding.

In the past year the company opened two new offices in the United States, in New York and Raleigh, in addition to its headquarters in San Francisco, and expanded teams in SF, NYC, Melbourne, and Tel-Aviv by 120 percent to match its growth in customer acquisition.

The new funding will go toward expansion, with the goal of scaling the business infrastructure to sell in the range of hundreds of millions per year, as well as product development. 

For example, WalkMe went mobile last month with the launch of WalkMe Apps, a platform for mobile app developers, allowing them to integrate and deploy various user-facing features such as “rate-my-app” pop-ups, new feature introductions, special offers and version update notifications.

The funding will also go toward hiring. WalkMe has 270 employees globally, and intends to hire hundreds more in the next two years.

The company now has over 800 enterprises, governmental entities, universities and software vendors as clients. Some of WalkMe's customers include many Fortune 500 companies, as well as Kimberly Clark, Stanley Black & Decker, SAP, SurveyMonkey, Intuit, Adobe, Phillips66, Metro Bank, and Citrix.

WalkMe has thousands of customers, and the number of people/end users exposed to the user experiences WalkMe technology simplified is in the hundreds of millions. It also had "billions" of "billions" of activations/plays of the different WalkMe tools.

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Description: WalkMe enables all online publishers and ISVs to create interactive on-screen 'Walk-Thrus' that assist end-users to quickly and easily co...

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