Whatfix Closes $90 Million Series D Backed By SoftBank Vision Fund 2

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The digital adoption leader tripled its valuation since 2020, plans to accelerate hyper-growth in the global market category with new round of funding

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Whatfix

Jun 08, 2021, 09:00 ET

SAN JOSE, Calif., June 8, 2021 /PRNewswire/ -- Whatfix, a leader in Digital Adoption Solutions ("DAS"), today announced it has raised $90 million in Series D funding. SoftBank Vision Fund 2* led the round, with participation from Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments. Whatfix has now raised $139.8 million to-date and the company's valuation has increased three times in the past 15 months. The company plans to use the funding to continue growing its stronghold in the U.S. market while accelerating global expansion into new markets such as Asia Pacific and Europe. In addition, Whatfix will invest the funds in product innovation focusing on artificial intelligence (AI), enterprise solutions, and providing personalized experiences.

"Whatfix is proud to offer a unified digital adoption experience enabling organizations to extract the full value from their software tools while also empowering employees, customers, and businesses," said Khadim Batti, CEO and co-founder, Whatfix. "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."

In the past two years, Whatfix has seen explosive growth. Revenue and headcount tripled and the company has opened three new offices in the United Kingdom, Germany and Australia. Whatfix currently has 500 employees across six global offices.

"Digital Adoption Solutions are enhancing the growth and importance of SaaS products for enterprises globally," said Munish Varma, Managing Partner, SoftBank Investment Advisers. Whatfix makes it easier for companies to use SaaS products, which increases productivity. Whatfix, with its roster of global clients, is well placed to become a DAS leader, and we are excited to be part of their journey." Sumer Juneja, Partner, SoftBank Investment Advisers, added, "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."

"Leading Fortune 1000 enterprises have chosen Whatfix's digital adoption platform to help drive their digital transformation initiatives across numerous software tools used organization-wide. Having first invested in 2019, we are proud of their journey and happy to continue our partnership with Khadim, Vara and the entire team. Whatfix is well on its way to revolutionize software adoption and the future of work." said Shweta Bhatia, Partner, Eight Roads Ventures.

With 500 global customers comprising more than 100 Fortune 1000 brands, including The Netherlands Red Cross, Experian, Sentry Financial Services, Cardinal Health Canada, BMC Software Inc., Bausch & Lomb, and more, Whatfix continues to excel in guiding users throughout their DAP journey. Its transformational product offering and valuable customer service are rapidly becoming key differentiators when it comes to Digital Adoption Solutions, which is why many are turning to Whatfix in place of legacy vendors.

"Whatfix has been exactly the solution we need for our heavily customized Salesforce environment that comprises teams across the globe," said Lee Glenn, global CRM Training Consultant, Experian. "Whatfix's flexibility allows us to ensure our employees receive the training they need when they need it, calibrated to their particular needs and cultural contexts. Our training time was also reduced by 50 percent. Whatfix is without a doubt a top vendor for digital adoption."

"From the beginning, the Whatfix team has been responsive and easy to work with," said Amy Boldt, Learning Leader, Sentry. "Resource savings worth about $950,000 can be used now for profit-generating activities from the couple of different deployments that we have done with Whatfix. We also have had a significant reduction in the number of support calls and an increase in employee productivity and user satisfaction."

About Whatfix
Whatfix is a Digital Adoption Solution that disrupts Application Training, Learning, and Support content by providing Contextual, Interactive, Real-Time, and Autonomous user guidance - driving additional adoption and productivity gains. Whatfix has a proven record of increasing employee productivity by 35%, reducing training time and costs by 60%, reducing employee case tickets by 50% and increasing application data accuracy by 20%. Whatfix is based in San Jose, San Francisco, London, Melbourne, Sydney and Bangalore.

For more information, please visit https://www.whatfix.com/.

Media Contact
Fay Li
Lumina Communications for Whatfix
[email protected]

*As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 ("SVF 2") in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.

SOURCE Whatfix