tonkean raises $50m series b to accelerate is no-code business automation service

Tonkean Secures $50 Million in Series B Funding

Tonkean, a startup focused on business operation automation, has announced the successful completion of a $50 million Series B funding round. The investment was spearheaded by Accel, occurring just over a year following a $24 million Series A raise.

Valuation and Growth

Lightspeed Ventures, the lead investor in the previous round, also participated in this latest funding event. According to Sagi Eliyahu, co-founder and CEO of Tonkean, the company experienced approximately a fourfold increase in valuation during this funding cycle.

This ability to attract further investment at an elevated valuation is attributed to substantial growth experienced in 2020, particularly during the latter half of the year.

What Does Tonkean Do?

Tonkean uniquely blends business process automation, no-code principles, and human oversight. Essentially, the platform empowers operational teams – such as sales ops and marketing ops – to establish automated workflows across various applications, incorporating human intervention when necessary.

The system is designed with IT departments in mind, enabling support for large-scale enterprise clients.

The Broader Automation Landscape

The automation sector has seen significant activity recently. Robotic process automation (RPA) excels at automating repetitive tasks, freeing up valuable human time. Automating tasks previously requiring extensive manual input has proven to be a lucrative market.

Tonkean, however, offers a distinct approach.

A Practical Example

Consider a scenario where a salesperson at a Tonkean client wishes to enroll a lead in a nurture campaign. Tonkean would allow the sales operations team to configure a system where selecting the lead for nurturing within their CRM automatically adds it to a designated Marketo campaign.

Furthermore, this automated process could trigger an alert to a sales team member, requesting approval of the action.

No-Code Empowerment

Tonkean’s software utilizes no-code tools, enabling operations teams to leverage pre-built modules or create custom logic as needed. This can lead to more self-sufficient teams, reducing reliance on engineering for automation and acceleration of workflows.

This aligns with the broader trend seen among no-code startups: empowering non-technical personnel with greater control over their work by lessening dependence on technical teams.

Expansion Plans

Currently, Tonkean employs approximately 60 individuals, a significant increase from the 15 people on staff at the time of its Series A funding. The company intends to accelerate hiring with the influx of new capital.

Eliyahu notes that a substantial portion of the Series A funding remains available. The decision to raise further capital was driven by the perceived size of the addressable market.

Accelerating Growth

The additional funding will enable Tonkean to expand its team and accelerate product development more rapidly than would have been possible with existing resources. The company aims to bring its future growth trajectory closer to the present.

With $50 million secured, the focus now shifts to demonstrating tangible growth metrics and validating the effectiveness of the new capital in driving the company’s objectives.