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Tonkean raises $50M Series B to accelerate is no-code business automation service

The business operation automation startup's CEO says the new capital will give it the space it needs to hire and build faster than if it continued to operate from a smaller capital case.

  • Posted on 31st Aug, 2021 09:00 AM
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Tonkean raises $50M Series B to accelerate is no-code business automation service Image

Business operation automation startup Tonkean announced this morning that it closed a $50 million Series B round of capital. Accel led the round, which came just over a year after the startup raised a $24 million Series A. Lightspeed Ventures, which led the company’s preceding venture capital round, also participated in its new funding event.

Sagi Eliyahu, Tonkean’s co-founder and CEO, told TechCrunch in an interview that his company’s valuation rose by around 4x in its latest funding round.

The startup was able to secure more capital at a higher price thanks in part to quick growth in 2020, which Eliyahu said was concentrated in the second half of 2020.

Tonkean is an interesting mix of business process automation, no-code and humans. In short, the startup allows a company’s ops groups — sales ops, marketing ops, etc. — to set up automated business logic across applications that can include human-in-the-loop elements. And Tonkean built its system to be IT-friendly, allowing it to support enterprise-scale customers.

The automation space has been broadly hot in recent quarters. Robotic process automation (RPA) is great for mechanizing repetitive tasks that waste human time. The method of using computers to do stuff that humans previously had to do by clicking far too much has proven to be big business.

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