Workato, a US-based software integration technology provider that counts enterprise software producers ServiceNow, Workday and Salesforce as investors, received $110m in series D funding yesterday at a $1.7bn valuation.
Technology investment firm Altimeter Capital and growth equity firm Insight Partners co-led the round, which included Redpoint Ventures and Battery Ventures, while Altimeter partner Pauline Yang is taking a board seat at Workato in connection with the round.
Workato’s platform integrates software and automates complex workflows for enterprise customers. The cash has been allocated to product and technology development, the growth of its customer success activities and increasing headcount internationally.
Vijay Tella, Workato’s co-founder and CEO, said: “There has been explosive growth in business apps and cloud technologies, but their potential remains largely untapped. This explosion has created tech chaos with siloed data, fragmented business processes and broken [user experience].
“Workato addresses this with a single platform built for business and IT that easily, reliably and securely connects their apps, data and business processes so teams can work smarter and faster.”
The round pushed the company’s funding to $221m since it was founded in 2013. It received $10m of that in a 2017 series A round led by Storm Ventures and backed by Salesforce and Workday through corporate venturing vehicles Salesforce Ventures and Workday Ventures.
Workday Ventures and Storm Ventures returned for a $25m series B round in 2018 alongside ServiceNow and Battery Ventures, before Redpoint Ventures led a $70m series C in late 2019 that included Storm Ventures, Battery Ventures, Geodesic Capital and Norwest Venture Partners.
