Workiz raises $40 million in Series C investments
SAN DIEGO, Calif. — Workiz has secured a $40 million Series C investment led by Lead Edge Capital joined by G squared and La Maison and followed by existing investors New Era, Magenta Venture Partners and Maor Investments. Lead Edge has invested in some of the world’s most successful technology companies, including Alibaba, Asana, Spotify and Toast. The company will use the funds to scale its operations, recruiting more talent and growing its customer base.
Frustrated by the difficulty of efficiently managing and growing the business side of their locksmith company, Idan Kadosh, and Erez Marom partnered with CTO Saar Kohanovitch to launch an all-in-one service management platform that would allow them to focus solely on what they loved while outsourcing back-office operations.
Today, the service is currently being used by more than 100,000 business professionals throughout the U.S. and Canada and has grown 200% annually over the past two years despite the pandemic. Every year, Workiz processes billions of dollars in transactions, handles millions of incoming and outgoing calls, and serves over 17 million end users.
In addition to the new financing, Workiz is also rolling out a brand-new set of customizable automated features on its platform, enabling managers to “set and forget” many of the back office tasks service businesses have to deal with on a daily basis. The suite of features helps Workiz users do everything from close more leads to avoid job cancellations. Users are also able to send customizable automatic reminders to their clients for invoicing and payments. There’s also a “review request” feature so Workiz users can gain positive client reviews, thereby increasing lead generation, and improving business reputation.
“As their businesses scale, home service providers are going out on more calls than ever before, placing significantly more stress on managing the back-office work necessary to maintain a healthy business,” said Workiz CEO Adi (Didi) Azaria. “Workiz’ rapid growth over the past two years demonstrates a clear market need for our platform, and we are motivated by providing our customers with an industry-defining product that helps them make their respective businesses stronger.”
“We are thrilled to be partnering with Workiz given the tremendous market opportunity and the unique platform that incorporates powerful automation software with various innovative features,” said Avery Rosin of Lead Edge Capital, a growth equity fund that has been an active vertical software investor in companies like Mindbody, Weave and Toast. “The company’s rapidly growing roster of customers is a testament to the advantage that Workiz provides to any home service team, and we are excited for the next high growth chapters as the company delivers its innovative products across the service management industry.”