Total amount raised
$83.2 Million
Latest funding date
06/01/2021
Location
Tonkean has successfully raised funds over six rounds, with the latest being a Series B, backed by notable investors such as Accel and Foundation Capital. The platform offers an AI-powered enterprise intake and process orchestration solution designed to automate and streamline various business processes.
Keep reading to explore the intricacies of Tonkean's fundraising journey and the investors backing this innovative platform.
What Is Tonkean?
Tonkean is a private company based in San Francisco, California, specializing in AI-powered enterprise intake and process orchestration. The company operates within the industries of Artificial Intelligence, Information Technology, and Software.
Founded with the mission to streamline and automate various business processes, Tonkean employs between 51-100 people. The platform offers solutions for procurement, legal, finance, IT, and more, integrating seamlessly with existing tech stacks to provide real-time visibility and control over enterprise operations.
How Much Funding Has Tonkean Raised?
- Seed Round
- Amount Raised: USD 2,000,000
- Date: October 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and establish a market presence.
- Seed Round
- Amount Raised: USD 7,200,000
- 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: USD 24,000,000
- Date: April 2020
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enhance the platform's capabilities.
- Series B
- Amount Raised: USD 50,000,000
- 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 invest further in the no-code orchestration platform.
Total Amount Raised: USD 83,200,000. Current Valuation: Not publicly disclosed.
Key Investors
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional teams from inception through all phases of private company growth. They have backed companies like Atlassian, Braintree, and Cloudera.
- Investment Focus Areas: Technology, enterprise software, consumer products
- Notable Investments: Facebook, Dropbox, Slack
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm that focuses on multi-stage investments in the enterprise and consumer sectors. They led Tonkean's Series A round.
- 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 been involved in multiple funding rounds for Tonkean.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: Netflix, LendingClub, Sunrun
- Scott Farquhar
- Details: Scott Farquhar is the co-CEO of Atlassian, a company known for its collaboration and productivity software. He participated in Tonkean's Series B funding round.
- Investment Focus Areas: Technology, software
- Notable Investments: Not specified
- Eric Schmidt
- Details: Eric Schmidt is the former CEO of Google, known for his significant contributions to the tech industry. He participated in Tonkean's Series B funding round.
- Investment Focus Areas: Broad technology, innovative tech
- Notable Investments: Uber, Twitter, various tech startups
What's Next for Tonkean?
Tonkean stands at the cusp of significant growth, driven by the increasing demand for no-code platforms that empower business operations teams to automate and manage processes. With a recent $50 million Series B funding round, the company is poised to scale up its engineering and go-to-market teams, further enhancing its no-code orchestration platform.
As the market for business process automation continues to expand, Tonkean's innovative approach positions it well for future fundraising opportunities. The involvement of high-profile investors suggests a strong potential for additional funding rounds, enabling the company to accelerate its growth and market presence.
However, Tonkean faces challenges such as intense competition from other no-code platform providers and the need to maintain compliance and security across various industries. Successfully navigating these hurdles will be crucial for sustaining its rapid growth and meeting the high expectations set by its recent valuation increase.
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