Workato, a California-based enterprise automation platform that helps organisations work faster and smarter without compromising governance and security, has raised $200M (approx €174.3M) in its Series E round of funding at a valuation of $5.7B (approx €4.97B).
The funding comes just nine months after Workato’s $110M (approx €95.92M) funding in a Series D round. To date, the company has raised a total of over $420M (approx €366.25M) in funding.
The current round was led by Battery Ventures with equal participation from Insight Partners, Altimeter Capital, and Tiger Global. Additionally, Geodesic Capital and Redpoint Ventures also participated in this round.
Earlier this year, Workato launched its EMEA data centre in Frankfurt. The company has increased its workforce in the region by 273 per cent and its customer base in EMEA has seen 2.14X growth this year.
With such rapid growth, the company says the raised funds will go towards expanding its EMEA customer success team and senior leadership, holding the first user conference in Europe, setting up a customer advisory board in Europe, and expanding its ecosystem of partners.
The funds will also be used to boost Workato’s European presence in order to accelerate its product roadmap and leadership in enterprise automation.
Currently, the company has operations in Ireland, Spain, France, Germany, UK, and Israel and is now looking to open additional offices in regions including Benelux and the Nordics to serve customers there.
Also acquires RailsData
Besides the funding, Workato has also disclosed an acquisition it made with some of the funds. The company is launching the “10,000 Connector Initiative” with the acquisition of RailsData.
It is a Tamil Nadu, India-based company which specialises in the connectivity of applications, databases, and devices using APIs. With thousands of applications used by an enterprise, connectivity is critical to achieving automation at scale.
Automate your work
Founded in 2013 by Alexey Timanovskiy, Dimitris Kogias, Gautham Viswanathan, Harish Shetty, and Vijay Tella, Workato helps organisations work faster and smarter without compromising security and governance.
The company claims to be trusted by over 7,000 of the world’s top brands like Broadcom, Intuit, Box, Autodesk, and HubSpot.
Vijay Tella says, “Businesses are still struggling to achieve true transformation because RPA and integration tools cannot scale to address the needs of enterprises today. Workato’s enterprise automation platform addresses the challenges companies face when trying to automate at scale, enabling enterprises to achieve the speed and agility necessary for organisational transformation.”
Tella adds, “The European market is beginning to catch up in terms of adoption of Enterprise Automation as enterprises seek a means of driving business outcomes at scale as they recover from setbacks caused by the pandemic. We are pleased to be able to boost our operations in the region through this investment and enhance services for our European customers.”
The company has already seen a growth of 243 per cent in Europe alone over the last 12 months as enterprises turned to workflow automation to boost business efficiencies and seeking out low-code tools that empower employees to work quickly and autonomously.