We have just raised $90 million in series D funding. And it seems like we are just getting started.
When Vara and I were putting the building blocks of Whatfix in place, our mission was clear. We wanted Whatfix to play an instrumental role in helping organizations achieve success. Today, Whatfix has emerged as a leader in supporting organizations to extract full value from digital investments. From enabling Sentry to accelerate end-user training by 40% to assisting Experian in increasing its productivity by 72% in the first year of working with Whatfix—numerous customer stories stand testament to how we brought change and grew together with our customers.
Today’s announcement is therefore significantly important for all Whatfix stakeholders; our partners, investors, employees, family, and customers—the 500 organizations that trust us to help drive their digital transformation success.
Being backed by the best is a testament to our quick growth and sustained success
Only a handful of companies get a shot at becoming a leader in their category and grow as visionaries. Whatfix is privileged to be one such company. We have emerged as a leader in the Digital Adoption Solutions (DAS) space by enhancing user efficiency, enterprise productivity, and business outcomes for our customers.
The series D funding validates our quick growth and sustained success. SoftBank Vision Fund 2 led the round with investments from Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments. We are fortunate to have the best minds in the tech world join our growth journey. With this new round of funding, our total primary investments have reached $140 million, tripling our valuation since 2020. Now we have a portfolio of marquee investors including Helion Venture Partners, Stellaris, Powerhouse Ventures and GSF who had backed us up in our early days.
Always a step ahead in building a legacy that will endure
Among our 500 customers, we count 100 Fortune 1000 companies. Proof to our commitment to solve the pain points of our customers, are the numbers that showcase our growth. In the past two years, our explosive revenue growth of 200% is equally matched by our headcount growth. 500 passionate people are part of our constantly expanding team and work out of six offices across the globe—India, US, UK, Germany and Australia.
Industry recognition fuels our journey. In 2020, Everest Group positioned Whatfix as a Leader in the Digital Adoption Solution space and we have been consistently recognized by the world’s leading research firms like Gartner, Forrester Research, and Deloitte. 2021 award highlights include the ‘Stevie Gold Award’ for achievement in customer satisfaction at the American Business Awards 2021, the Cloud Awards ‘Best Cloud HR, Payroll, or ERP Solution’, and the Ventana Research ‘Digital Leadership Awards for Sales’. Our high 9 on 10 ratings on TrustRadius and 4.6/5 ratings on G2 Crowd Reviews, platforms where customers share their rating on several parameters including the product and customer service of an organization, has won us the ‘Top Rated’ ranking on TrustRadius and Winter 2021 Leader Badge on G2.
New global markets await and we are more than ready
This round of funding comes at a crucial period in our growth journey trajectory—a time when we are aggressively expanding. As we continue to grow our stronghold in the U.S., we are exploring new opportunities in the Europe and Asia-Pacific markets.
Our Europe markets have already experienced a 174% growth in the last two years and we are investing further in localization, especially in Germany and France. We firmly believe that the responsibility of any business is to advance social causes in society and our partnership with The Netherlands Red Cross has helped us steer social transformation through digital transformation.
In Asia, we are growing significantly with large enterprises and government bodies in Singapore, Australia, Japan and India such as Omron, Aurecon, Northern Beaches Council and ICICI Bank. Tapping into these markets with regional teams, will enable us to amplify the digital experiences that enterprises offer their customers and employees.
R&D—an integral part of our next steps
Our innovation strategy has always been a core pillar of our growth. Way back in 2019, Whatfix strategically acquired AI-powered personalization engine, Airim. This acquisition empowered us to become the first in the industry to offer autonomous personalization.
A significant part of the funding will be deployed towards R&D and product innovation focusing on Artificial Intelligence (AI), enterprise solutions and curating personalized customer experiences. It will also help us strengthen our product portfolio organically and inorganically—with the ultimate aim to deliver value at every turn for every user.
Our employees and culture—always at the core
The vitality of our products is a reflection of the health of our employee community and culture. While Vara and I hold distinct roles at Whatfix (I still recount telling Vara, “You build, I will sell”) when it comes to building company culture we are united in our belief that putting our employees and culture first is the key to our success. We are building teams that are passionate, empathetic, authentic and motivated—with a strong desire to win. And teams that are happy too, as reflected by our Glassdoor rating of 4.5 on 5.
The right inflection point to accelerate digital change
With organizations the world over reacting to change by focusing on digital transformation and business continuity, the ability to personalize experiences and contextualize guidance is becoming increasingly valuable. The new funding comes at the right inflection point and has brought us closer to realizing our vision at Whatfix.
I would like to extend my thanks to all the customers, partners, employees and investors who have placed their faith in our value proposition and have made this journey worthwhile. We are proud to work with industry pioneers and are excited to continue this association as we move forward.
Onward and upward!