Copenhagen-based Leapwork, a no-code software test automation platform, announced that it has raised $62M (approx €52.66M) in its Series B round of funding. With this round, the company has now reached a valuation of $312M (approx €264.95M).
The Series B round was co-led by global investment firms KKR and Salesforce Ventures. Additionally, existing investors from Leapwork’s Series A round, DN Capital and Headline, also made significant contributions in this round.
Speaking on the development, Patrick Devine, Director at KKR says, “Test automation has historically been very challenging at scale, and it has become a growing pain point as the pace of software development continues to accelerate. Leapwork’s primary mission since its founding has been to solve this problem, and it has impressively done so with its powerful no-code automation platform.”
KKR’s investment was made through its $2.2B growth equity fund, Next Generation Technology Growth Fund II. This is KKR’s seventh European investment through NGT II.
Leapwork’s no-code automation platform
Founded in 2015 by Christian Brink Frederiksen and Claus Rosenkrantz Topholt, Leapwork empowers enterprises to adopt digital transformation through a visual, no-code approach. It helps automate repetitive processes, so enterprises can adopt and scale automation faster.
With over 300 customers globally, Leapwork claims that using its no-code technology, businesses can achieve a 10X faster time to market, 97 per cent productivity gains, and a 90 per cent reduction in software application errors. This also helps QA and test teams lead shorter test cycles.
Claus Rosenkrantz Topholt explains, “With the Leapwork platform, we are solving a problem that no other vendor can. Our no-code technology breaks down the language barrier between humans and computers, empowering regular business users to tell a computer what it is they want it to do for them. The result is a significantly increased capability to automate everyday processes at scale and reduced maintenance costs. This means that enterprises can continue to grow and optimise their performance because they can rely on their business software to work as it should.”
The company’s automation technology is used by enterprises such as PayPal, Mercedes-Benz, and BNP Paribas. The company comprises a growing team of 170 employees, across 24 different nationalities, and nine offices throughout Europe, North America, and Asia.
The proceeds from this round will be used to strengthen Leapwork’s international growth, with key focus on the North American market. The company has recently opened a New York office where it will increase its headcount significantly.
In addition, the funds will also help in boosting Leapwork’s product development as the company plans to double the size of its tech hubs in Copenhagen and India within the next 12 months.
Speaking on the development, Christian Brink Frederiksen says, “Since launching in 2015, we have more than doubled our growth year on year. We intend to accelerate that trajectory by investing heavily in product development and building our global presence to capitalise on the automation opportunity.”
“We’re excited to have won the support of two of the largest and most well-respected global investors in KKR and Salesforce Ventures to execute on our vision. The US is arguably the most important market for software automation in the world, and we’ve already experienced strong success there, with around half of our customer base coming out of North America. Both KKR and Salesforce Ventures understand the market and can be true strategic partners as we continue to grow our global presence,” he added
Leapwork has recently established a presence in Frankfurt, London, Paris, Amsterdam, and Stockholm.