Startup Wise Guys family is celebrating an exit from the portfolio! UiPath, the largest and fastest growing Enterprise B2B AI startup in the world and leading enterprise Robotic Process Automation (RPA) software company, has announced the acquisition of StepShot, a Lviv based startup and alumni of Startup Wise Guys B2B SaaS Batch 6.
Before acquisition, StepShot had grown to be serving hundreds of customers at prominent companies in their process documentation needs and having a stable MRR of above 40K USD. Initially built help companies to create guides and video tutorials, StepShot’s product evolution has seen it become a natural fit for Robotic Process Automation (RPA) where customers need better means of discovering, understanding, improving and automating their processes.
UiPath is one of the fastest growing and highest-valued AI enterprise software companies worldwide. Together with StepShot they will accelerate customers’ automation journeys by enabling them to quickly and easily record, document, and share processes as well as automate key steps in robot creation.
I am extremely proud of what we have built at StepShot and bringing those capabilities together with UiPath’s best in class RPA capabilities will materially benefit enterprises globally by helping them more easily achieve their automation goals and improve time to ROI,commented StepShot CEO and Co-Founder Sasha Reminnyi.
StepShot was founded in Lviv, Ukraine, in 2016 by Sasha and Olga Reminnyi and two brothers – Borys and Denis Korobeinikov. The same year they took part in Startup Wise Guys accelerator program in Tallinn and received initial investment from us. Afterwards the startup has been entirely bootstrapped and founders have managed to grow the company to a 500K USD profit and exit without any additional investments.
We have this motto at Startup Wise Guys – build your business for customers not investors! StepShot is a clear example of that mentality. From day one they were not obsessed with their next funding round, but rather about creating a growing and profitable business. Well done Sasha, Olga and the team!said Cristobal Alonso, CEO of Startup Wise Guys.
“It is always easy to celebrate success after winning, but actually looking from a strict investment perspective StepShot would have been considered a risky investment in their early days – imagine a company freshly founded by a married couple and two brothers, coming from a regional city in Ukraine.. But they have totally justified our trust and at the end it proved that great companies can be built in alternative and challenger ecosystems and not just in the capitals of the countries, and that sometimes merging family with business actually is a very powerful combo! We are proud to see that StepShot is putting Lviv on the map and we expect many more great things to come from this ecosystem.”
They are hiring!
Any successful exit is great for investors, but at Startup Wise Guys we celebrate more the ones that have positive impact on the ecosystem and that mark a new page in company’s development. In StepShot case it is great to know that the product will be developed further and the StepShot’s existing 20 people team continues working under UiPath brand. Moreover, they are looking for talent for their Ukraine office based in Lviv, visit UiPath’s careers page to find out more.
2nd major exit for Startup Wise Guys
StepShot acquisition marks the 2nd major exit for Startup Wise Guys investment portfolio, the first was an exit from the very first batch of Startup Wise Guys – an AgTech company from Estonia VitalFields was acquired by Climate Corporation in the end of 2016.
In last years Ukraine has become one of the best sources of talented and passionate startup founders taking part in SWG programs – up to date, we have invested in 22 startups from Ukraine, including StepShot and BloknotApp from Lviv, as wel as CallPage, Promo Republic, JetBeep and others. And we do not intend to stop there – our recruitment team is going to Ukraine in early September to scout for startups in Kyiv, Lviv and Kharkiv. If you are a startup founder, apply now and see you at the events. If not – come and meet us anyway!