Tonkean Secures $50m Series B Round From Accel to Further Its Mission to Reinvent Enterprise Business Operations
New investors also include founders and executives from Google, Atlassian, and UiPath, recognizing Tonkean as the leader of a new category in enterprise software.
SAN FRANCISCO, June 24, 2021 (Newswire.com) - Tonkean, the Operating System for Business Operations, today announced it has raised $50m in Series B funding, led by Accel. The funding will allow Tonkean to scale up hiring to its engineering and go-to-market teams and invest further in its no-code orchestration platform for business operations.
Lightspeed Ventures, who led Tonkean's $24 million Series A round last year, is also participating along with previous investor Foundation Capital. This funding round also includes investments from several prominent tech leaders: Atlassian co-CEO Scott Farquhar, former Google CEO Eric Schmidt, as well as executives from UiPath, all of whom recognize Tonkean as the leader of a new category of enterprise software centered on business operations teams. Accel, who previously led early investments in UiPath and guided their rise to dominance in the RPA market and recent public offering, will be represented on the Tonkean board of directors by Partner Miles Clements.
"Tonkean's no-code platform will fundamentally change how enterprise software is built, delivered and maintained within every enterprise, just as Slack did with communication tools and UiPath did with RPA," said Miles Clements, Partner at Accel. "We're excited to partner with the team as they shift the future of business operations."
Delivering no-code solutions at scale requires a bridge between business and IT to drive business agility while still ensuring compliance and security. With Tonkean, business operations teams can compose their own business logic using reusable building blocks called "Enterprise Components". These components are pre-approved and controlled by IT, enabling key capabilities like interacting with existing systems, coordinating with people, or leveraging advanced technologies like NLP & OCR. Tonkean allows operations teams to safely create solutions that work on top of their current tools and align with the way people actually like to work.
"Building software is still only a privilege for the few. The world needs more makers," said Sagi Eliyahu, CEO and Co-Founder of Tonkean. "Business processes are complex, and today's options of 'build vs buy' are not enough. Tonkean is challenging this status quo. We are creating a new alternative in enterprise software. Instead of just buying more applications, relying on engineering, or forcing new behavior - operations teams can now solve business problems faster, by composing their own solutions."
Today, enterprises like Instacart, Grubhub, Crypto.com, EVERSANA, and others rely on Tonkean to optimize and align their operations across functions—including sales, marketing, customer support, legal, finance, and more.
"I have seen first-hand the impact that Tonkean can make in transforming complex processes at enterprise scale, resulting in millions of dollars saved from removing time-consuming manual tasks and eliminating other one-off solutions," said Mary O'Carroll, former president of CLOC and head of legal operations at Google. "Empowering an operations team to be innovative while reducing change management is a game changer."
"Tonkean has helped us to quickly solve unique business process problems at scale, bring new products and services to market faster, and start delivering on the promise of citizen developed automation," said Chris Giddings, Manager, Digital Automation & Intelligent Systems, EVERSANA.
Today's announcement builds on an eventful year for Tonkean, who has already tripled its headcount since the beginning of 2020. With the support of this funding round, Tonkean will be hiring across departments, including for its go-to-market team based in the San Francisco Bay Area, and its engineering and product teams based in Tel Aviv, Israel. Prospective interviewees should visit https://tonkean.com/careers for details on open positions.
Tonkean is the OS for Business Operations, transforming operations teams from facilitators into makers with an enterprise-grade, no-code process orchestration platform. By abstracting the technical knowledge required to automate, monitor, and manage mission-critical business processes, while still maintaining compliance and security, Tonkean enables enterprises to accelerate operational velocity at scale. Founded in 2015, Tonkean is headquartered in San Francisco with R&D in Tel Aviv. To learn more, visit www.tonkean.com, or follow Tonkean on LinkedIn and Twitter.
Accel is a global venture capital firm that is the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Atlassian, Braintree, Cloudera, Crowdstrike, DJI, DocuSign, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Jet, Pillpack, Qualtrics, Slack, Spotify, Supercell, Tenable, UiPath, and Venmo are among the companies Accel has backed over the past 35+ years. We help ambitious entrepreneurs build iconic global businesses. For more, visit www.accel.com or www.twitter.com/accel.
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