WalkMe™, which operates a digital adoption platform for enterprises, announced the morning it has closed a $90 million round of funding.
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London-based Vitruvian Partners led the round. Previous backer Insight Partners also participated in the financing, which brings San Francisco-based WalkMe’s total raised to more than $307 million since it was founded in 2011. The company raised $50 million across two tranches of a Series F in 2018, and reached unicorn status last year, with the first tranch.
WalkMe’s goal with its “context-intelligent” DAP, in its own words, is to make it “effortless to use any software, website or app… so users can complete tasks faster and easier.” The company uses artificial intelligence and machine learning, analytics and automation to essentially anticipate users’ needs and then aims to provide help “exactly when and where they need it.”
WalkMe is seeing increased growth as of late, noting that it has “almost” doubled its valuation in the last year (which would mean that it is now valued at or more than about $2 billion). And, the startup said it surpassed $100 million in annual recurring revenue (ARR) in the second quarter. Meanwhile, in the third quarter, its new business bookings grew 100 percent year-over-year.
The startup plans to use the new capital to scale and “drive expansion into new markets,” including Latin America. Currently, it has over 2,000 customers, including more than 30 percent of Fortune 500 companies.
We’ve reached out to the company for more specifics and will update this post once it gets back to us.
Meanwhile, we should note that WalkMe is not the only SaaS platform to cross $100 million in ARR in recent times. Last week, we reported on Druva, a SaaS company focused on cloud data protection and management, surpassing the $100 million in Annual Recurring Revenue (ARR) mark.
Illustration: Li-Anne Dias