Israeli product demo platform Demostack today announced the completion of a $ 34 million Series B financing round led by Tiger Global Management with participation from Bessemer Venture Partners, Amiti Ventures, GTMfund, Operator Collective, and StepStone. The company, which enables sales teams to design demos for their products, has raised $ 51.5 million since it was founded in 2020. Most of the new money raised is for investment by the company rather than the acquisition of existing shares.
Demostack’s announcement comes several months after Israeli rival Walnut, which has developed a similar platform, raised $ 35 million. Another rival is Boston-based Reprise, which has raised $ 82 million to date.
Demostack was founded by CEO Jonathan Friedman, CTO Aaron Hakim, and CMO Gilad Avidan. The company has 93 employees in Israel, the US and Serbia.
The company’s technology allows users to spin up a fully functioning demo environment that can be edited with a point and click to craft a product story that resonates with each specific buyer. Demostack provides software companies with a competitive advantage by enabling revenue teams to be able to create and deliver world-class product demos at scale – better engaging prospective customers, shortening sales cycles, and increasing win rates.
Friedman said, “The recent investment further positions us to become the market leader of demo experience solutions for the industry and allows us to continue to invest in R&D, innovation, and global growth. It is now more important than ever before to deliver a great product demo, and the reason is two-fold: remote selling is here to stay, and buyers expect a seamless, personalized buying experience. We built Demostack to help sellers adapt to this market shift. “
Published by Globes, Israel business news – en.globes.co.il – on April 19, 2022.
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