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WalkMe allows companies to create walkthroughs of their websites for visitors and employees
Judging from all of the calls I get from my mother about how to put pictures on Facebook, the Internet can be an awfully confusing place for people, especially those who did not grow up with them. It's not all their fault, though; there are plenty of confusing, and poorly laid out, websites out there that even the most experienced users would have trouble navigating.
That is where WalkMe comes in. It is a company that provides online publishers with the ability to create simple on-screen walkthroughs to make the Internet an easier place to navigate. And now it has now raised $11 million in new funding to expand that vision, the company announced on Tuesday.
The round was led by new investor Scale Venture Partners, and also included participation from Mangrove Capital Partners, Giza Venture Capital and Gemini Israel Ventures.
The company had previously raised $1 million in a round of funding from Mangrove Capital Partners in April 2012, and then an additional $5.5 million from Gemini Israel Ventures, Mangrove Capital Partners and Giza Venture Capital in October 2012. With this latest funding round, WalkMe has raised $17.5 million to date.
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.
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.
In an interview, Dan Adika, CEO of WalkMe, called the company a "GPS for the Internet."
"Our core technology is identifying elements on the page and supplying tools that allows the site’s owner to create walkthroughs without any technical knowledge," he said. "They can create interactive guidance though drag and drop, and can record themselves performing these actions."
WalkMe ultimately saves its clients both the time, and the cost, of having to either create sales videos or PDF packets that can be hundreds of pages.
A bank, for example, might have to spend $5 to $7 per customer service call for every person who is confused by their website. Since banks can get a quarter of a million calls in a single quarter, and WalkMe can help reduce that number by 30%, it can ultimately save that bank millions of dollars.
WalkMe plans to use the new money it has raised to pamping up its sales organization by hiring 15 to 20 new sales representatives in its San Francisco office, as well as many more in its Israeli office. It will also be used to expand to new verticals, including on demand, Adika told me.
The latest round of funding will be used to further accelerate operational momentum and customer acquisition. In the past 12 months, the company has more than doubled its staff and looks to continue to rapidly grow and hire skilled employees that share in the company's vision and passion. Furthermore, WalkMe's rapid expansion into the enterprise market has resulted in a more than 5X revenue increase, with enterprises from a wide range of verticals including
The company, which focuses on enterprise clients, such as banks, insurance, SaaS and healthcase, curtently has a clients that number "in the hundreds." Its customers include Adobe, Amazon Web Services, Cisco, Citrix, Stanley Black&Decker, US Foods, Bank of Montreal and Kimberly-Clark.
WalkMe is also growing rapidly, having seen its revenue shoot up 500% in 2013.
In addition to the funding news, it was also announced that Rory O'Driscoll, Partner at Scale Venture Partners, will be joining the Board of Directors at WalkMe.
(Image source: walkme.com)
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WalkMe enables all online publishers and ISVs to create interactive on-screen 'Walk-Thrus' that assist end-users to quickly and easily complete even the most complex tasks.
Users receive clear and error-proof on screen instructions displayed as sequential balloon hints within the website or app, while they perform the actual process from start to finish.
Think of it as if you are sitting right next to your users and guiding them through each task, step-by-step, on any site platform.
WalkMe eliminates end-user confusion which directly reduces the number and the length of support calls and the investment needed to create or update user manuals and instructional videos.
More importantly, publishers who have implemented WalkMe report dramatic increase in user task-completion, increased conversions, as well as end-user satisfaction and greater overall site utilization.
Using WalkMe’s system does not require any modification or integration to the underlying software. The 'Walk Thru' creation process is simple and does not require any technical skills.
WalkMe supports all popular browsers (Chrome, Explorer, Safari etc.) and does not require end-user download.
WalkMe is a software-as-a-service product, offering a wide pricing scale. WalkMe offers its product free for “start-up” sized customers, trending upwards to our silver package for small businesses, leading to a customized quote for WalkMe’s largest customers. Self-hosting options are available.
WalkMe complies with the strictest security standards and has been certified by a 3rd party security firm, which satisfies our data sensitive customers and the financial institutions we are currently servicing.
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Scale Venture Partners chooses markets for investment based on our insights into trends drawn from primary research with incumbents, customers, competitors and our network of experts. We select companies we think are going after something great.
Our investment strategy makes "scale" relevant to you for two reasons. We operate in markets where you can create large scale success. We work side by side with you to help scale your business to reach its market potential.
Most of our investments are mid to late stage, when the software is being used, the chip is in the fab, and the therapy is being tested on humans. It may still feel early to you. You may be just starting to build out your go-to-market team. It's at this stage that our own practical operating experience drives the best rewards.