Enterprise automation software firm Workato valued at $5.7 billion in latest funding

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(Businesshala) – Workto, an enterprise software company that provides an automation platform for businesses, has more than tripled its valuation to $5.7 billion after its latest funding round.

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The company said Wednesday that it has raised $200 million in a funding round led by technology-focused venture capital firm Battery Ventures. Insight Partners, Altimeter Capital and Tiger Global also participated in the round.

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Verketo’s latest funding, which brings the total capital raised so far to more than $421 million, comes nearly 10 months after the previous round, which stood at a valuation of $1.7 billion.

The pandemic has supercharged the enterprise software industry, as businesses double down on their digital strategies due to remote work and seek to automate core tasks.

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Mountain View, Calif.-based Workto provides a platform for its more than 11,000 customers to automate their critical business processes, which it says is more efficient than deploying a variety of tools for it.

The company said it has nearly doubled its customer base in the past 12 months, with Stitch Fix and GitLab Inc. Additional such as chip and software company Broadcom Inc. and restaurant software maker Toast Inc. also use Workto’s services.

Workato said it intends to use the latest capital to invest in its products and expand further into the United States, EMEA (Europe, Middle East and Africa) and APAC (Asia Pacific). The company said it will open additional data centers in APAC and add support for regional languages.

Automation technology startup UiPath Inc. raised $1.34 billion when it went public in April this year. Other companies such as ActiveCampaign, a cloud software platform that provides automation tools, also raised funds earlier this year at a valuation of $3 billion.

(This story corrects the subscriber count in paragraph 5 to 7,000, not 11,000, after an official correction from the company)

Reporting by Niket Nishant in Bengaluru and Jane Lee in San Francisco; Editing by Krishna Chandra Elurik

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