Why Greenspring Associates Chose to Invest in WalkMe
Last week we announced that WalkMe received $25 million in Series D funding led by new investor Greenspring Associates. Here is a short note by Ashton Newhall, Managing General Partner at Greenspring Associates, explaining why Greenspring Associates chose to invest in WalkMe. We loved the note and decided to share it with the world. Enjoy. Why WalkMe? It just made sense. It is the kind of technology that the first reaction when experiencing it is a strong sense of WoW – This is How User Experience Should Be Done. WalkMe instantly simplifies the user experience. Like a car with a built-in navigation system. WalkMe’s growth potential. Few companies grow at the pace of WalkMe, and in a very short time acquire many Fortune 500 customers like SAP, MasterCard, Kimberly Clark, Delta Airlines, AT&T as well as significant other top household brands. We’ve been impressed by the tremendous growth the company has achieved to date through its innovation and scalable infrastructure. The Cost of Acquiring a Customer and Payback, the Monthly Revenue Growth, Net Promoter Score, and the Cohort Analysis and Churn marks were all impressive. We then had conversations with some of WalkMe’s strategic customers. The strategic impact of WalkMe on their customers’ business was clear. The customers reported significant reductions in onboarding time and in incoming requests for support – as well as a substantial percentage growth in software adoption and user engagement. The Average Wallet Size also has been growing consistently. Next we spoke to WalkMe’s partners like Accenture. The partners we talked to uniformly agreed that WalkMe’s Total Addressable Market is very large. Almost every company especially mid-market to enterprise has a few business challenges and pains which we believe WalkMe can effectively address. WalkMe’s partners share the company’s vision of a new simple user experience and appear to be truly dedicated to assisting WalkMe to achieve its goals. The Team We have been paying close attention to WalkMe’s evolution and have been extremely impressed with the company’s leadership and the effective data driven execution of the company’s vision. We believe the leadership team has put WalkMe on the path to becoming a large independent company with a large market footprint. WalkMe truly stands out from the crowd, and we look forward to the partnership as they continue to disrupt the user experience landscape.