[SaaS Funding] SoftBank invests $90 Mn in Whatfix

Whatfix raises $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.”

“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.

“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.”