Singapore based EDBI invests in USA based WalkMe’s Series F financing round for expansion of digital adoption platform in Asia Pacific region. Led by Insight Venture Partners, EDBI joins the $40 million Series F financing round. WalkMe also had its first institutional investor, Mangrove Capital Partners, in this investment round. The total Series F funding raised was $50 million. WalkMe is the world’s first Digital Adoption Platform and is one of the fastest growing global software companies. WalkMe has raised $217.5 million till date.
Singapore, a location that has nearly 37,400 international companies headquarters with 7,000 multinational corporation, will be a strategic hub for WalkMe.
According to Raphael Sweary, co-founder and president at WalkMe:
“Digital transformation is an issue facing organizations of all sizes and across all industries worldwide. With almost 2,000 customers using our solution, WalkMe is at the forefront of the digital transformation trend, however, there’s still an immense opportunity for us to upend how users interact with technology. EDBI’s investment will help us continue to solidify our market leadership by forging an even stronger presence in the Asia Pacific region.”
WalkMe’s digital adoption platform plays a vital role in company’s digital transformation specially as organizations are rethinking about the adoption of technologies such as AI, automation and analytics.
Chu Swee Yeok, Chief Executive Officer and President of EDBI also commented the following regarding the new investment:
“WalkMe provides an impressive AI and data analytics-powered engagement platform to help enterprises better adopt digital solutions and improve employee efficiency. We are excited to have this opportunity to support WalkMe as they extend their digital capabilities to enterprises in Asia. We believe that WalkMe will be an important enabler to enterprises’ digital transformation journeys to scale businesses and drive productivity.”
WalkMe already has offices in Australia and Japan.
Founded in 2011, WalkMe Inc. develops and distributes a cloud-based guidance and engagement platform and it caters to financial services, healthcare, insurance, retail, software, utility and education sectors. Headquartered in the Us, WalkMe clients include Avalara, TinderBox, Revinate, MapAnything, Outreach, and HomeActions while its partners include amdocs, amazon web services, aasonn, Technology Advisors, and Terra Information Group.
Headquartered in Singapore, EDBI Pte.Ltd. operates as an investment company that invests in biomedical science, information and communication technology sectors. Since 1991 EDBI has been working as a value creating investor that helps companies achieve their ambitious goals by leveraging their network, resources and expertise.