WalkMe extends series F round with $10M from EDBI, the Singapore Government-backed investment arm of Singapore’s Economic Development Board. Including the Series F extension, the company has raised $217.5 million to date.
WalkMe, the world's first Digital Adoption Platform and one of the fastest-growing software companies globally, today announced that Singapore-based EDBI invested a significant amount to help the company expand and localize its digital adoption offering in the Asia Pacific market through Singapore. EDBI joins the $40 million Series F financing round led by Insight Venture Partners and WalkMe's first institutional investor, Mangrove Capital Partners, bringing the total Series F raised to $50 million.
Known as a launchpad for global innovation, Singapore is a central hub for leading international companies and universities. Nearly 37,400 international companies have their headquarters in Singapore including 7,000 multinational corporations (MNCs), with the majority of these organizations running their Asia Pacific operations out of Singapore. Supported by EDBI's new investment, WalkMe will use Singapore as a strategic hub to work with numerous multinational companies and advance its operations in the region.
"Digital transformation is an issue facing organizations of all sizes and across all industries worldwide," said Raphael Sweary, co-founder and president at WalkMe. "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."
As organizations radically rethink how to employ sophisticated technologies - such as AI, automation and analytics - to improve their business performance, WalkMe's Digital Adoption Platform plays a critical role centered on supporting the entire digital transformation journey.
"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," said Chu Swee Yeok, Chief Executive Officer and President of EDBI.
WalkMe already has a strong foothold in Asia Pacific, with offices in Australia and Japan. The new cash infusion will help the company continue its hyper-growth in both Asia Pacific and Europe.