Israeli Website Navigation Tool WalkMe Secures $90M In Funding

Israeli-founded digital adoption platform WalkMe announced Monday it has raised a $90 million funding round led by private equity firm Vitruvian Partners.

New York-based venture capital firm Insight Partners, a previous investor, also participated in the round.

The US-based company’s total funding is now more than $307 million since it was founded in 2011. This includes a Series F round last year in two parts with $40 million raised in September and $10 million raised in November 2018. The website navigation software tool was declared a tech “unicorn” after the round with a valuation of more than $1 billion.

The company says its valuation has “almost” doubled over the past year (making its valuation at least $2 billion,) according to a statement.

WalkMe says it plans to use the investment to “drive expansion into new markets,” including Latin America.

It will also “continue to invest in and rapidly scale” its digital adoption platform (DAP) in order to “meet growing customer demand.”

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

Founded in 2011 by Rafael Sweary, Dan Adika, and Eyal Cohen, WalkMe has developed a Digital Adoption Platform (DAP) that uses artificial intelligence and automation to transform the digital user experience.

The company says it now works with some 2,000 clients around the world and that it passed the $100 million mark in annual recurring revenue (ARR) in the second quarter of this year.