Have you ever used a piece of software and wished that you had someone to show you the ropes? That’s kind of like what WalkMe offers, except instead of pairing learners and instructors one-to-one, its service lets instructors and design professionals embed walk-throughs and tooltips into their software product interfaces.
Today, WalkMe announced that it has raised an additional $10 million from EDBI to top out its Series F round, which now comes in at $50 million. No word yet on whether its valuation has changed since raising the first $40 million in Series F funding, which Crunchbase News covered back in mid-September. That tranche of the round, led by prior investor Insight Venture Partners, valued the company at over $1 billion.
Including the Series F extension, the company has raised $217.5 million to date, according to the company and Crunchbase data.
EDBI, the investor behind WalkMe’s additional backing, is the government-backed investment arm of Singapore’s Economic Development Board. Singapore has a couple of other state-backed funds that invest in tech: Temasek and GIC, two deep-pocketed, late-stage startup investors Crunchbase News has covered in the past. Like some sovereign wealth funds, EDBI makes its investments as part of a mandate to bring business to the country, rather than simply maximizing risk-adjusted returns.
In a statement, WalkMe says it raised the additional capital from a regional investor to help with international expansion. The company already has offices in Australia and Japan, but a statement from WalkMe said that it will “use Singapore as a strategic hub to work with numerous multinational companies and advance its operations in the region.”
Chu Swee Yeok, EDBI’s CEO and president, said that “WalkMe provides an impressive AI and data analytics-powered engagement platform to help enterprises better adopt digital solutions and improve employee efficiency. We are excited to have this opportunity to support WalkMe as they extend their digital capabilities to enterprises in Asia.”
EDBI’s investments have primarily been in life sciences and healthcare, but it has struck deals with several enterprise-focused software companies in the past. Other portfolio companies on the software and services side include:
- Configuration management software-maker Puppet, which raised $42 million in a Cisco Investments-led Series F round. EDBI participated in the deal.
- Indonesian mobile point-of-sale (mPOS) provider Moka, which raised $33 million in Series B funding from EDBI and others.
- Hedvig, a company which develops software-defined storage systems for big enterprise computing infrastructure.
- Singaporean consumer-to-consumer marketplace platform Carousell. EDBI participated in its Series C round. 1
EDBI also invested in Magic Leap’s $502 million Series D round back in October 2017.
Singapore’s investment in WalkMe is part of a broader trend in state-managed sovereign wealth funds investing in technology companies, and not just for strategic economic development reasons either. Equity in private tech companies, as an asset class, finally got big enough to become attractive to these massive pools of capital.
Rather than drowning in capital, companies are gulping it down.