The Israeli company Demostack, which is developing a demo creation platform for SaaS sales teams, has completed a $ 34 million B round of funding. Tiger Global Management led the round of funding, with the participation of Bessemer Venture Partners, Amiti Ventures and Operator Collective. A year ago, Demostack completed the $ 13.5 million A round of funding, and at the end of 2020, the company raised $ 4 million. In total, the company raised $ 51.5 million over the course of a year and a half.
Demostack, founded by Jonathan Friedman, Aharon Bar Hakim and Gilad Avidan, has developed a system that allows you to create a customized demo for every call of software products. The technology developed by the company is able to “duplicate” the customer’s front end, separate it from the back-end and create an image that reflects the original version. In this way, salespeople can easily make changes to the demo, without the need to use code or the development team, edit it and demonstrate their software product on top of the duplicate demo environment.
Demostack’s co-founder and CEO, Jonathan Friedman, said today that “the latest investment places us as market leaders in demo experience solutions, enabling us to continue investing in development, innovation and global growth. We believe that the trend of distance selling calls will continue in the future and customers expect software companies for a smooth and customized shopping experience, despite the distance. In such a situation the quality of the demo is of crucial importance. Demostack was established to help sales teams adapt to the changing market and substantially improve the sales experience and its results. ”
Demostack now plans to increase its foothold in the international market, by investing further in research and development, sales and marketing resources across the United States, Europe, the Middle East and Africa. The company, which operates from San Francisco, Tel Aviv and Novi Sad in Serbia, will use the fundraising funds, among other things, to expand its development center in Tel Aviv and recruit about 50 new employees by 2022. The company currently employs 93 people, 52 of them in Israel.
John Kurtius, a partner at Tiger Global Management, said that “before Demostack was set up, sales teams had to work with development teams to add and change information in their demo environment, which sometimes required weeks of work and greatly limited the ability of sales teams to present for The customer the product benefits. “Demostack has changed the rules of the game for the sale of software, and we are pleased to take part in the revolution it is leading.”
Adam Fischer, a partner at Bessemer Venture Partners, added: “In light of the success of Demostack over the past year, we are excited to continue investing in the company in the current round as well. We anticipate that soon sales teams will have to bring only two things to the meeting – a presentation and a demonstration of their product on Demostack.
“Demostack continues to prove that the team that leads it is one of the most innovative and passionate teams in the world of technology, with the goal of changing and leading the entire demo product environment,” said Ben Rabinowitz of Amiti Ventures. “Such a special investment opportunity is not encountered every day.”
Among the investors and angels who have invested in the company in previous rounds and also participated in the current round of recruitment are: Lila Ska, CEO of Ironclad; Dan Adika, CEO and Founder of WalkMe; Amit Ben-Dov, CEO and Co-Founder of Gong, and Elon Reshef, Co-Founder and Chief Product Officer (CPO) of Gong; Tomer London, co-founder and chief process officer of Gusto; Rich Leo, Chief Risk Officer (CRO) of Everlaw; Roni Zehavi, co-founder and CEO of Hibob; Clark Wahlberg, CEO of InVision; Des Trainor, co-founder of Intercom; Dennis Linders, Chief Process Officer at Procore Technologies; Lars Nielsen, VP of Global Sales Development at Snowflake; Amin McHane, Senior Vice President of Growth Strategy at Bento Box; And Zack Lorick, VP of Solutions Engineering at Slack.
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