EDBI joins $50m round for US-based WalkMe
Singapore’s EDBI has joined a $50 million Series F round for US-based enterprise software provider WalkMe that will drive an Asia Pacific expansion.
The round was led by Insight Venture Partners and included participation from Mangrove Capital Partners. It brings the company’s total funds raised to date to $217.5 million.
WalkMe plans to launch operations in Singapore, which will act as a strategic hub for a continued build-out in the region. The company already has offices in Australia and Japan.
Founded in 2011, WalkMe operates an artificial intelligence-enabled data analytics platform that helps corporate clients better adopt digital operations and improve employee efficiency. Other investors in the company include Greenspring Associates, Scale Venture Partners, Gemini Israel Ventures, and Giza Venture Capital.
“Digital transformation is an issue facing organizations of all sizes and across all industries worldwide,” Raphael Sweary, co-founder of WalkMe, said in a statement. “With almost 2,000 customers using our solution, WalkMe is at the forefront of the digital transformation trend, however, there’s still an immense opportunity for us to upend how users interact with technology.”
EDBI is the investment arm of Singapore’s Economic Development Board, and targets companies in the financial technology, data analytics, information security, and software infrastructure sectors. It made a similar investment earlier this year by backing an Asian expansion drive by US enterprise IT company Puppet.
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