Software-as-a-service (SaaS) startup, Whatfix on Tuesday said that it has raised $90 million as a part of its Series D funding round led by Softbank Vision Fund 2.
The round also saw participation from existing investors Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments. With this round of funding, the company has raised a total of $139.8 million till date.
Mint had earlier reported in April that the company was looking to raise $80 million to $90 million as a part of its recent fund raise, at a valuation of $500-550 million. According to the company, it plans to use the funding to continue growing its presence across the US market while accelerating global expansion into new markets including Asia Pacific and Europe.
With the fundraise, the company is also expected to invest funds in product innovation, focussing on artificial intelligence (AI), enterprise solutions, and providing personalised experiences to enterprise clients. “Whatfix is proud to offer a unified digital adoption experience enabling organizations to extract the full value from their software tools while also empowering employees, customers, and businesses.
This latest round of funding strengthens our position as we plan to expand our offerings globally and continue to provide excellent customer service to businesses,” said Khadim Batti, chief executive officer and co-founder, Whatfix.
Whatfix added that with this round the valuation of the company is nearing $600 million, however it refused to share exact details.
The eight-year-old startup is a digital adoption platform that helps companies create and integrate interactive walkthroughs on any website or web application while helping accelerate the software adoption journey for end customers. Through its suite of products, the company also helps businesses with performance support, change management, and training. “Whatfix makes it easier for companies to use SaaS products, which increases productivity.
Whatfix, with its roster of global clients, is well placed to become a digital adoption services leader, and we are excited to be part of their journey,” said Sumer Juneja, partner, SoftBank Investment Advisers.
Over the past two years, Whatfix claims to have tripled its revenues. The company has also opened three new offices in the United Kingdom, Germany and Australia and has a team count of 500 employees across six global offices.
“Having first invested in 2019, we are proud of their journey and happy to continue our partnership with Khadim, Vara and the entire team. Whatfix is well on its way to revolutionize software adoption and the future of work.” said Shweta Bhatia, partner, Eight Roads Ventures.
At present, Whatfix counts 500 global customers as clients. Its clientele includes The Netherlands Red Cross, Experian, Sentry Financial Services, Bausch & Lomb, among others.