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Whatfix has closed a Series D funding worth $90M from SoftBank Vision Fund II, nearly two months after talks of this investment gained traction. This new fund would be used in its expansion goals, AI-focused product building, and in other areas.
Digital adoption SaaS platform Whatfix has closed $90 million in Series D funding from Tokyo-based SoftBank Vision Fund II, nearly two months after talks of this probable fundraising surfaced online.
With the close of Series D, Whatfix’s total funding stands at $139.8 million, raised in nine investment rounds, as per Crunchbase, and its valuation has tripled in the last 15 months as per its statements. Other investors – Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital, and Cisco Investments- had participated in this round.
The proceeds from this round shall be used to continue growing in the US market, and in accelerating the process of expanding into other markets such as the Asia Pacific region (APAC) and Europe. The capital shall also be spent on AI-focused product innovation, enterprise solutions, and personalized experiences, which Whatfix said in a press release.
Khadim Batti, co-founder and CEO of Whatfix, stressed the company’s commitment towards providing a digital adoption experience to enable organizations to extract the full potential of software tools, empowering employees, customers, and businesses.
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,Khadim Batti, co-founder and CEO of Whatfix
Founded in 2014, Whatfix claims an increase in growth since the last two years alongside a three-fold increase in revenue and headcount. Employing about 500 employees, Whatfix has opened three new offices in the United Kingdom, Germany, and Australia.
Munish Varma, a managing partner at SoftBank Investment Advisers, enunciated the importance of digital adoption solutions in enhancing the growth and importance of SaaS products for enterprises across the globe.
Enterprises spend billions on applications across multiple functions, and yet employee adoption is low. Quick adoption ensures payback on software investments. Whatfix’s solutions will be a key driver for enterprises to achieve this goal, which is reflected in their growth.Sumer Juneja, partner and head of India at SoftBank Investment Advisers