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 the company is building a category called technology marketing in Israel. While the founder of another company that did marketing for hundreds of companies, 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 the 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.
“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.”