TEL AVIV--(BUSINESS WIRE)--accessiBe, the market leader in web accessibility, today announced the completion of its Series A round of funding to a total commitment of $28 million, following strong performance in 2020 and in preparation for ambitious expansion in 2021.
In May 2020, accessiBe announced $12 million in funding from K1 Investment Management (“K1”), a leading investment firm that specializes in high-growth enterprise software companies globally. The company’s annual recurring revenue grew more than 3.5x in the last 12 months, which led to additional funding from K1, totaling $28 million.
Building on the momentum it established in 2020, accessiBe plans to use the funds to significantly expand its US presence, grow its R&D department and continue educating the market on the importance of web accessibility.
“For millions of consumers with disabilities around the world, online shopping, digital entertainment, and even important public health information is out of reach, closed off in non-accessible sites,” says Shir Ekerling, CEO of accessiBe. “By making web accessibility simple and affordable to any size of business, we are changing that reality,” he continued.
Educating the market and raising awareness of the issue of web accessibility are key goals for accessiBe. COVID-19 and the digital transformation that it provoked have helped draw attention to the need for accessible sites, and the accessiBe team plans to keep the issue at the forefront for website and business owners.
The company’s plan to further invest in R&D is crucial in accelerating its growth and refining its product. accessiBe employs individuals with disabilities to test its solution and advise on further improvements, and over the next few months, the company plans to significantly increase the number of people with disabilities on the payroll for its testing and advisory focus groups.
“K1 is a one-stop shop that supports a broad range of funding, from Series A investments to larger capital raises,” said Mike Velcich, Principal at K1. “We’ve been excited by the growth accessiBe has demonstrated since K1’s initial investment and are looking forward to working with the accessiBe team as they continue to expand their market presence and geographic footprint.”
accessiBe provides an innovative AI-powered web accessibility solution that makes web accessibility simple, automatic, immediate and affordable. Founded in early 2018, accessiBe's proprietary technology scans and modifies websites' code and behavior in real time, to be accessible for people with disabilities and compliant with the ADA and WCAG 2.1. accessiBe's founding team has deep domain expertise in the field of website creation and digital marketing and created the technology in close partnership with users suffering from visual impairment, epilepsy, motor impairments and cognitive dysfunctions. To learn more, please visit: accessibe.com.
K1 builds category-leading enterprise software companies. As a global investment firm, K1 assists high-growth businesses to achieve successful outcomes, and invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. With over 100 professionals, K1 changes industry landscapes by assisting with operationally-focused growth strategies designed to assist portfolio companies scale efficiently. Since inception of the firm, K1 has partnered with over 140 enterprise software companies including industry leaders such as Apttus, Buildium, Checkmarx, ChiroTouch, Clarizen, ControlUp, Emburse, FMG Suite, Granicus, Graduway, IronScales, Litera Microsystems, Onit, Rave Mobile Safety, RFPIO, Smarsh, WorkForce Software and Zapproved. For more information about K1, please visit k1capital.com or follow us at linkedin.com/company/k1im.