Total amount raised
$83.2 Millions
Latest funding date
06/01/2021
Location
Tonkean has successfully raised funding through multiple rounds, including a Series B round that closed on June 24, 2021. The company is backed by notable investors such as Accel and Foundation Capital.
Keep reading to explore the intricacies of Tonkean's fundraising journey and the investors backing this innovative platform.
What Is Tonkean?
Tonkean, founded on April 10, 2015, is headquartered in San Francisco, California, with R&D operations in Tel Aviv. The company was established by Offir Talmor and Sagi Eliyahu.
Specializing in AI-powered enterprise intake and process orchestration, Tonkean aims to transform operations teams into Makers by enabling them to automate, monitor, and manage business processes without technical knowledge.
With a workforce of 51-100 employees, Tonkean offers solutions for procurement, legal, IT, and HR, enhancing efficiency and compliance through its no-code platform.
How Much Funding Has Tonkean Raised?
- Seed Round
- Amount Raised: $2M
- Date: October 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial product development and market entry.
- Seed Round
- Amount Raised: $7.2M
- Date: October 2019
- Lead Investors: Foundation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series A
- Amount Raised: $24M
- Date: April 2020
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and development of its platform.
- Series B
- Amount Raised: $50M
- Date: June 2021
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up hiring for engineering and go-to-market teams and to invest further in Tonkean's no-code orchestration platform for business operations.
Total Amount Raised: $83.2M
Current Valuation: Not publicly disclosed
Key Investors
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional founders from inception through all phases of growth. They have a strong track record of investing in technology companies.
- Investment Focus Areas: Technology, internet, software, mobile
- Notable Investments: Facebook, Slack, Dropbox
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends. They invest in both early and growth-stage companies.
- Investment Focus Areas: Enterprise, consumer, health
- Notable Investments: Snap, Nest, Grubhub
- Foundation Capital
- Details: Foundation Capital is a venture capital firm that invests in early-stage technology companies. They have a history of backing successful startups.
- Investment Focus Areas: Fintech, enterprise software, consumer
- Notable Investments: Netflix, LendingClub, Sunrun
- Scott Farquhar
- Details: Scott Farquhar is the co-CEO of Atlassian, a leading provider of collaboration and productivity software. He is known for his leadership in the tech industry.
- Investment Focus Areas: Technology, software
- Notable Investments: Atlassian
- Eric Schmidt
- Details: Eric Schmidt is the former CEO of Google. He has been a significant figure in the tech industry, contributing to the growth of Google and other tech startups.
- Investment Focus Areas: Technology, AI, startups
- Notable Investments: Google, The Groundwork
What's Next for Tonkean?
Tonkean stands at the cusp of significant growth opportunities, driven by the increasing demand for no-code platforms that empower non-technical teams to automate workflows. With $50 million in Series B funding, the company is poised to scale its engineering and go-to-market teams, enhancing its no-code orchestration platform to meet the needs of enterprises across various sectors.
Future fundraising opportunities appear promising, given the successful Series B round and the involvement of high-profile investors. As Tonkean continues to expand its market presence and product capabilities, additional funding rounds could further accelerate its growth trajectory.
However, challenges such as competition from other no-code platform providers and ensuring compliance and security as the platform scales will need to be navigated carefully. Maintaining a balance between rapid growth and high-quality service will be crucial for Tonkean's sustained success.
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