Whatfix, a digital adoption solutions company, announced today that it raised $90 million in a funding round led by SoftBank’s Vision Fund 2 according to a press release Tuesday.
The company helps clients tackle digital adoption by using software training tools and in-app learning to speed up new technology adoption for businesses phasing into a digital presence. Whatfix says it plans to use the funding to grow its US market, globally expand and for product innovation.
“This latest round of funding strengthens our position as market leaders as we plan to expand our offerings globally, and continue to provide excellent customer service to businesses who look to us to guide them through their digital transformation initiatives,” CEO and co-founder Khadim Batti said in a statement.
The Series D round also had participation from Eight Road Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments. The round brings the company’s total money raised to $139.8 million.
Whatfix has grown rapidly in the past few years, reaching 500 employees across six global offices. It has tripled revenue, team size and market valuation since 2019 and opened three new offices in the UK, Germany and Australia. The company’s 500 global customers include over a hundred Fortune 1000 clients including Cisco, Netherlands Red Cross, WesternUnion, Experian and Bausch & Lomb.
The company’s supported platforms include Salesforce, SuccessFactors, Oracle CRM, Office 365, SharePoint, G-Suite and others. The services it provides include user adoption, onboarding, training, change management, performance support and e-learning. Some services integrate directly into applications, with others acting as standalone software which enables multiple points of learning for users. The software also acts within a browser extension, making the learning platform applicable for any web-based tool or application.
Whatfix’s revenue has grown 100% quarter-on-quarter in the last six months, with 75% of its business is out of the US and another 18% from Europe according to TechCrunch. This shows a driving motivator for global expansion, especially with the pandemic proving itself as a turning point for digital adoption worldwide.
As more and more company’s look to increase, improve and optimize their technology stacks, Whatfix and other digital adoption agencies will continue to grow in importance. While legacy software has dominated major corporations for the past few decades, the increasing revenue and size of companies, like Whatfix, signal a changing tide for widespread digital transformation and adoption.
In other recent fintech news, Brazilian digital bank Nubank has secured a $750 million extension to its Series G round led by Berkshire Hathaway, which bought $500 million of the bank’s shares, TechCrunch reported.