Workato has announced $200 million in Series E funding led by Battery Ventures, with equal participation from Insight Partners, Altimeter Capital and Tiger Global. Geodesic Capital and Redpoint Ventures also participated in this round of financing. The new funding values Workato at $5.7 billion and comes just nine months after its $110 million Series D. Workato has raised over $420 million in total funding to date.
“Businesses are still struggling to achieve true transformation because RPA and integration tools cannot scale to address the needs of enterprises today,” said Vijay Tella, Workato CEO and Co-founder. “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 organizational transformation. We’re excited to put this new round of funding to work for our customers as they continue to push the boundaries of innovation.”
Historically, companies have been forced to deploy a variety of integration and automation tools to optimize their processes at the data, process, API and UX levels. This model is highly inefficient, and companies have flocked to Workato because it provides all of these capabilities in a single, low-code platform that allows business users and IT departments to collaborate on process automation.
“Since leading Workato’s Series B in 2018, we’ve been excited to see the steady growth of usage among Workato’s customers—many of them leaders in their respective industries—and Workato’s solidifying position as a leader in the automation market, one of the fastest-growing sectors in technology,” said Neeraj Agrawal, a general partner at Battery Ventures. “We’ve had a front-row seat to watch Workato truly transform many of its customers’ businesses, which is one reason why we and other existing investors in the company are excited to lead this new funding round.”
“The events of the past 10 months have made operational excellence more critical than ever, and businesses understand that enterprise automation is a cornerstone to achieving the heightened agility, innovation and performance they need to succeed in any environment,” said Pauline Yang, partner, Altimeter Capital. “The market for automation products will only continue to expand, and we believe that Workato has the best technology, partnerships and leadership team in place to capitalize on this exciting opportunity.”
“Automation exists to enable and empower end users, make organizations adaptable, and keep the lights on all the time,” said Andy Nallappan, CTO and Head of Software Business Operations at Broadcom. “Back in the day, automation was a complicated effort that required a lot of technology, infrastructure, processes, and tools. But now, it’s as simple as a recipe thanks to Workato. Everyone can use it. It can become part of the team, the basis of an automation culture. Workato makes automation much more successful and frictionless.”