Aug
31
2021
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Sales experience platform Walnut raises $15M to improve product demonstrations

Walnut raised $15 million in Series A funding, led by Eight Roads Ventures, to continue developing its sales experience platform.

Founders Yoav Vilner and Danni Friedland started the company in July 2020. Vilner told TechCrunch that while at a previous company, he was building a category called technology marketing in Israel. He realized that company sales people often ran into problems when it was time to demonstrate their product — the product would break, or they would have to ask another department to open something or add a feature, none of which happened instantaneously, Vilner added.

He and Friedland’s answer to that problem is a no-code platform for teams to create customized product demonstrations quickly, be able to integrate them into their sales and marketing processes and then generate insights from the demos.

Walnut engagement example. Image Credits: Walnut

“We let the sales and marketing teams replicate the SaaS product in our cloud environment, which is disconnected from the back end,” Vilner explained. “They can create a storyline to fit their customer and the demonstration, and then following the demo, sales leaders can get insight on what was good or bad. It encourages the sharing of knowledge and what story worked best for which kind of company.”

The company’s latest round gives it $21 million raised to date, and follows a $6 million seed round that included NFX, A Capital, Liquid2 Ventures and Graph Ventures, Vilner said.

Walnut serves over 60 business-to-business clients, including Adobe, NetApp, Varonis and People AI. In addition to Tel Aviv, the company has offices in New York and London.

Vilner intends to use the new funding to grow the team across the U.S, Europe and Israel and continue developing its technology and platform, including tools to embed demos into a website for product-led growth. He also expects to double the team of 25 over the next year.

Eyal Rabinovich, an investor at Eight Roads Ventures, said his brother is a Walnut customer, and the company fits with one of the firm’s theses around broad vertically integrated brands in SaaS and deep technology.

Rabinovich was tracking the sales enablement space for a while and said many companies claim to provide something unique, but it is usually workflow and processes. In Walnut’s case, it is solving something at the core of sales.

“They make everything measurable, and the ‘holy grail’ is conversion, and even just 1% conversion could mean millions of dollars,” he added. “Every company we spoke to wanted to use this product. Customers were telling us they closed the sales cycle within two weeks.”

 

Feb
05
2020
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Clear gets $13M Series A to build high-volume transaction system on the blockchain

Clear is an early-stage startup with a big ambition. It wants to build a blockchain for high-volume transaction systems like payments between telcos. Today it announced a $13 million Series A investment.

The round was led by Eight Roads with participation from Telefónica Innovation Ventures, Telekom Innovation Pool of Deutsche Telekom, HKT and Singtel Innov8.

That the strategic investors were telcos is not a coincidence. The early use case for Clear’s blockchain transaction network involves moving payments between worldwide telcos, a system that today is highly manual and prone to errors.

Clear co-founder Gal Hochberg says what his company does is to take commercial contracts and turn them into digital representations, often known in digital ledger terms as a smart contract.

“What that lets us do is create a trusted view of the true status of the relationship within the company’s business partners because they’re now looking at the same pricing and usage. They can find any issues in real time, either in commercial information or in service delivery, and they can even actually resolve those inside our platform,” Hochberg explained.

By putting these high-volume, cross-border transactions onto the blockchain with these smart contracts to act as automated enforcer of the terms, it means that instead of waiting until the end of the month to find errors and begin a resolution process, this can be done in real time, reducing time to payment and speeding up conflict resolution.

“We use blockchain technology to create those interactions in ways that it is auditable, cryptographically secure and ensures that both sides are synced and seeing the same information,” Hochberg said.

For starters, the company is working with worldwide telco companies because the number of transactions, and the way they cross borders make this a good test case, but Hochberg says this is only the starting point. They are not in full-blown production yet, but he says they have proven they can process hundreds of millions of billable events.

The money should help the company get into full carrier-grade production some time in the first half of this year, and then begin to expand into other verticals beyond telcos with the help of today’s investment.

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