Whatfix raised $125 million in a Series E funding round led by private equity firm Warburg Pincus with participation by existing investor SoftBank Vision Fund 2.
The San Jose, California-based startup is what’s called a digital adoption platform, or DAP — a software application that helps users learn how to use other software products more easily. Large organizations frequently deploy such platforms to help their employees more effectively and productively use technology tools.
The new round comes at a reported valuation of around $900 million — 50% higher than its Series D valuation in a SoftBank Vision Fund 2-led round in 2021.
“Enterprises are grappling with the complexities of digital transformation and the ever-increasing pressure to deliver exceptional user experiences,” Whatfix CEO and co-founder Khadim Batti said in a statement. “Whatfix’s innovation is evident through the launch of four new products since 2021, securing five US patents with 18 more in the pipeline. This investment will add more fuel to the tank, accelerating a new era of innovation for our industry, bolstering the unparalleled value we bring to our customers, and reshaping the future of software adoption.”
The company says it counts Arrow Electronics, Schneider Electric and Avnet among its customers and has partnered with Microsoft, Salesforce 1, Infosys and Accenture, among others. The company says its ARR has increased 4.5x since its 2021 funding round.
Whatfix has now raised $328 million from investors, according to Crunchbase.
Whatfix’s funding comes just a few weeks after Israel-based competitor WalkMe’s acquisition by SAP for $1.5 billion was finalized.
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