Nexthink, a Switzerland-headquartered workplace management technology developer backed by diversified conglomerate Mannai Corporation, secured $180m in series D funding yesterday at a $1.1bn valuation.
Investment firm Permira’s Growth Opportunities Fund led the round, which is set to close in the first quarter of this year, investing with Highland Europe and Index Ventures.
Founded in 2004, Nexthink has created work experience management software that helps organisations detect IT issues that can potentially affect employees’ performance. Some 11 million people from across 1,000 companies use the platform, it said.
The company will use the cash to boost its innovation efforts and increase its geographic coverage, especially in the United States. It is also planning to hire local staff in Europe, India and the US.
Nexthink raised $85m in a 2018 round led by Index Ventures and backed by Auriga Partners, Forestay Capital, Galéo Capital, Highland Europe, Top Funds, VI Partners and Olivier Pomel.
The 2018 funding followed a $40m round two years before led by Highland Europe that also featured Auriga Partners, Waypoint Capital and Galeo Ventures, lifting the company’s total funding to $69m.
Mannai took part in a $14.5m round for the company in 2014 that was led by Auriga Partners and which included Gilles Queuru and VI Partners, Mannai having also backed a $5.5m series C round two years earlier.
Pedro Bados, CEO and co-founder of Nexthink, said: “The rise in remote working has dramatically accelerated the need for digital employee experience, as a big part of all the interactions that employees have with companies are now digital.
“We see a huge opportunity ahead of us to redefine the future way in which companies will provide digital workplaces to their workforce.”
