Copenhagen-based process automation platform Leapwork has landed the largest Series B funding round ever in Denmark, announcing a $ 62 million raise co-led by KKR and Salesforce Ventures, with the participation of existing investors DN Capital and Headline.
Even today, he reveals that his the post-currency valuation now stands at $ 312 million.
The startup founded in 2015 without a code was last lifted in 2019, when it landed a $ 10 million Series A. The business was started in previous years – with the founders investing their own money, raked in from previous successful exits. Their follow-up bet on “no code” already seems to have paid off: since the platform’s launch in 2017, Leapwork has seen its customer base more than double year on year and now has more than 300 customers around the world. pay it to speed up their routine business processes.
Software testing is a priority for tools, which Leapwork offers to enterprise quality assurance and testing teams.
He claims that by using his “code-less” technology – a label for the trend that refers to software designed to be accessible to non-technical personnel, dramatically increasing its usefulness and applicability – businesses can achieve 10x faster time to market, 97% productivity gains, and 90% reduction in application errors. SoThe larger argument is that it can help companies achieve faster digital transformations with just their existing mix of in-house skills.
Customers include PayPal, Mercedes-Benz and BNP Paribas.
Leapwork’s own business, meanwhile, has grown and now has a team of 170 people – working across nine offices in Europe, North America and Asia.
Series B funding will be used to accelerate its global expansion, with the startup telling us it plans to expand the size of its local teams in key markets and open a series of technology hubs to support product development. .
Expansion into North America is now a high priority, with Leapwork noting that it recently opened an office in New York – where it plans to “significantly” increase its workforce.
“In terms of a global presence, we want to make sure we are as close to our customers as possible, continuing to build local teams and expertise in each of our key markets, particularly Europe and North America. CEO and co-founder Christian Brink Frederiksen tells TechCrunch. “For example, we will develop more expertise and plan to really increase the size of the team based out of our New York office over the next 12 months.
“Likewise, we have opened new offices all over Europe, so we want to make sure that our teams have the opportunity to work closely with clients. We also plan to invest heavily in the product and the technology behind it. For example, we will double the size of our technology hubs in Copenhagen and India over the next 12 months.
Product development expected to be accelerated with the Big B Series will focus on enhancements and features aimed at “breaking down the language barrier between humans and computers,” as Brink Frederiksen puts it.
“Europe and the United States are our two main markets. Half of our clients are US businesses, ”he also tells us, adding,“ We are extremely popular among corporate clients, especially those with complex compliance setups – 40% of our clients are from businesses. banking, insurance and financial services.
“That said, because our solution is codeless, it is widely used across all industries, including healthcare and life sciences, logistics and transportation, retail, manufacturing and more. . “
When asked about the competition – given that the codeless space has become a hotbed of bubbling activity over the years – Leapwork’s initial response is timid, trying to say that his company is a “really special snowflake.” (“We truly believe that we are the only solution that allows everyday non-technical business users to automate repetitive IT processes, without needing to understand how to code. Our codeless visual language is what really sets us apart,” says Brink. Frederiksen formulates this.)
But after being in a hurry, Leapwork names a series of what it calls “legacy players” – such as Tricentis, Smartbear, Ranorex, MicroFocus, Eggplant Software, Mabl and Selenium – as having (also) “great products.” , while continuing to claim that they “speak to an audience different from ours”.
Leapwork’s Series B increase says a lot about the value investors see here.
Commenting in a statement, Patrick Devine, director at KKR, said: “Test automation has always been very difficult at scale, and it has become a growing problem as the pace of software development continues to grow. ‘accelerate. Leapwork’s main mission since its inception has been to solve this problem, and it has done so impressively with its powerful no-code automation platform.
“The Leapwork team has done a fantastic job creating a top-notch corporate culture that has enabled them to continuously innovate, execute and push the boundaries of their automation platform,” said Stephen Shanley, CEO of KKR, added in another statement. .
In a third supporting statement, Nowi Kallen, Director of Salesforce Ventures, added, “Leapwork has exploited a significant market opportunity with its code-free test automation software. With Christian and Claus [Rosenkrantz Topholt] At the helm and further acceleration of digital adoption, we look forward to seeing Leapwork grow in the years to come and a successful partnership.
The proof of the codeless “pudding” is in adoption and use – getting non-developers to embrace and stick to a new way of interfacing and manipulating information. And so far, for Leapwork, the signs are looking good.