Workato, the UK based software integration technology provider backed by enterprise software producers Salesforce, Workday and ServiceNow, secured $200m in series E funding yesterday at a $5.7bn valuation.
Technology investment firm Battery Ventures led the round, which included Insight Partners, Tiger Global Management, Altimeter Capital, Geodesic Capital and Redpoint Ventures. Its total funding now stands at over $420m.
Founded in 2012, Workato integrates software for business customers and provides automation for complex workflows. It said it will use the proceeds to accelerate its product roadmap.
Insight Partners and Altimeter co-led a $110m series D round for Workato in January this year that also featured Battery Ventures and RedPoint Ventures, the latter having previously led Workato’s $70m series C round, in late 2019, which included Battery Ventures, Geodesic Capital, Norwest Venture Partners and Storm Ventures.
ServiceNow joined Workday’s corporate venturing arm, Workday Ventures, Storm Ventures and Battery Ventures to provide $25m for the company’s 2018 series B round. Workday Ventures and Saleforce unit Salesforce Ventures took part in a $10m series A round led by existing backer Storm Ventures the previous year.
Vijay Tella, Workato’s chief executive, said: “Businesses are still struggling to achieve true transformation because [robotic process automation] and integration tools cannot scale to address the needs of enterprises today.
“Workato’s enterprise automation platform, a single platform for automation and integration that can be used by both business and IT, addresses the challenges companies face when trying to automate at scale, enabling enterprises to achieve the speed and agility necessary for organisational transformation.”
