14/11/2018 – Singapore’s Economic Development investment arm EDBI has joined in the US$40 million Series F financing round for US-based digital adoption platform WalkMe, which is looking to further expand in the Asia Pacific region.
Financial details of EDBI’s investment were not disclosed but according to several media sources about the deal, the Singapore investor had contributed US$10 million in the round that was led by Insight Venture Partners and Mangrove Capital Partners.
EDBI CEO and president Chu Swee Yeok commented on the investment, saying that WalkMe provides an impressive AI and data analytics-powered engagement platform to help enterprises better adopt digital solutions and improve employee efficiency.
“We believe that WalkMe will be an important enabler to enterprises’ digital transformation journey to scale businesses and drive productivity,” said Chu.
Founded in 2011, WalkMe was one of the first pioneers to set up a Digital Adoption Platform that helps users to complete tasks easily using artificial intelligence, engagement, guidance, and automation.
WalkMe acts as a guide for users to navigate websites and apps more efficiently, and later became one of the tech startup companies in the United States to reach unicorn status in 2018.
The startup first raised US$1 million in its Series A funding round in April 2012 led by Mangrove Capital Partners. With this recent fresh capital, the startup’s total funding to date is at US$217.5 million.
According to WalkMe, the fresh capital will aid the company’s goal of further expanding and localizing its digital adoption offering in the Asia Pacific market through Singapore.
WalkMe already had a strong foothold in the Asia Pacific, with offices in Australia and Japan. The fresh capital will help the company continue its hyper-growth in both the Asia Pacific and Europe.
Currently, the startup claims that its software is used by nearly 2,000 enterprises globally, with its customer portfolio comprising of 30 percent of the Fortune 500 companies.
“Digital transformation is an issue facing organizations of all sizes and across all industries worldwide. EDBI’s investment will help us continue to solidify our market leadership by forging an even stronger presence in the Asia Pacific region,” said WalkMe co-founder and president Raphael Sweary.
Investing since 1991, EDBI is a Singapore-based global investor in select high growth technology sectors ranging from Information & Communication Technology (ICT), Emerging Technology (ET), Healthcare (HC), and other strategic industries.