WalkMe Leads Wave of Israeli Startup Funding With $75 Million

Startup has developed tool that lets firms add on-screen guidance tips to websites and apps without having to recode

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Dan Adika, CEO.
Dan Adika, CEO.

Israeli startups just raised $222 million, headed by web-based service WalkMe, which announced the completion of a $75 million round of funding on Wednesday.

The money came from Insight Venture Partners, a private equity fund from the United States. WalkMe said the money will go into company coffers. The company will use the capital it has raised for expanding into new markets and acquiring companies. It had previously raised $92.5 million.

WalkMe has developed a tool to allow teams to add on-screen guidance tips to websites and apps without having to recode. Its technology monitors the activity of web users, identifies delays and hesitations by the user and offers assistance in real time via the computer or telephone until the user completes the action he or she is interested in carrying out, without needing to switch between screens.

WalkMe reports it has over 1,400 customers, including more than a quarter of Fortune 500 companies. The new funding round should allow WalkMe to expand its research and development center in Israel.

WalkMe employs 500 people, 300 of them in Tel Aviv, and the rest in Be’er Sheva, Sydney, Paris, Japan, San Francisco, Manhattan and Raleigh, North Carolina.

The company told TheMarker that women make up 40% of employees, holding 35% of the technology positions.

WalkMe acquired two startups in 2017: Abbi, which developed platforms for automated marketing; and Jaco, which developed a system allowing software companies and websites to receive feedback about the usefulness of their products. Both acquisitions were considered modest, totaling only a few million dollars.

Rephael Sweary founded WalkMe in 2011 with CEO Dan Adika and Eyal Cohen