Camunda Closes $100 Million Series B Funding Round
Open source software provider Camunda today announced that it has completed a €82 million (approximately $100 million) funding round led by global venture capital and private equity firm Insight Partners. The round also included existing investor Highland Europe. The investment is based on market momentum toward hyperautomation and the resulting demand for cloud-native, open process automation solutions that can automate any type of process, anywhere. In addition to the investment, Camunda will take advantage of Insight Partners’ depth of expertise in effectively scaling companies and accelerate product development, sales, and marketing initiatives as part of its global expansion.
Camunda enables global market leaders such as Allianz, ING, Intuit, and Vodafone to design, automate, and improve business processes end-to-end in a new way and increase business agility, improve customer experiences and provide a faster time-to-value. It allows organizations to overcome legacy roadblocks of digital transformation and orchestrate processes across different technologies, systems, infrastructures, people, and devices, laying the foundation for a new digital enterprise.
According to Gartner, “Hyperautomation has been trending at an unrelenting pace over the past few years, mainly because of the pent-up demand for operationally resilient business processes. Organizations have a tremendous amount of “collective” debt (technical, process, data, architecture, talent and social) that significantly affects their value proposition and brand. The cause is an extensive and expensive set of business processes underpinned by a patchwork of technologies that are often not optimized, lean, connected, consistent or explicit.”
“Business executives are demanding a path to digital operational excellence. This is creating huge unmet demand for speed, efficacy and democratization of process automation and data integration. This has triggered an enormous backlog of requests from business stakeholders for automation using one or more technologies.”1
Growth in process automation adoption propelled Camunda to its best-ever year in 2020 despite global market challenges. The company’s growth was driven by a large roster of customers such as Atlassian, Desjardins Group, Deutsche Telekom, Priceline, and Santander. Camunda also recently launched an expanded global partner program which includes more than 100 partners around the world.
The company’s market growth follows years of process automation product innovation and user community engagement. In 2020, Camunda advanced its first-to-market Process Automation as a Service offering, Camunda Cloud, and delivered multiple product releases of its market leading process automation platform, including an RPA modernization solution to help companies get control of their fragmented and fragile RPA bot implementations. The company also hosted scores of virtual community events and meetups throughout the year, headlined by two CamundaCon LIVE global user conferences, which together brought more than 10,000 participants.
“Camunda was founded on the premise that making it easy for business stakeholders and developers to automate and improve business processes would have a transformational impact on organizations. Today’s funding underscores the tremendous value Camunda’s process automation software is providing to our users and customers every day,” said Jakob Freund, CEO and co-founder of Camunda. “It also shows the huge global market opportunity that is in front of Camunda as demand for open, cloud-native process automation solutions that can orchestrate processes end-to-end is quickly reshaping the market. We are thrilled to have one of the world’s preeminent venture capital firms on board. This investment, along with Insight Partner’s expertise in scaling world-class software companies, will support our global go-to-market strategy, drive product innovation even faster and help build our leadership position in a quickly evolving process automation market.”
Matt Gatto, managing director at Insight Partners, will join the Camunda Board of Directors.
“Process automation is a multi-billion-dollar global market opportunity. Camunda has been breaking new ground with their business model and cloud-native technology. As a result they have become a driving force shaping the new process automation market,” said Matt Gatto, managing director at Insight Partners. “We have been impressed with the tremendous value Camunda’s innovative approach has provided for some of the world’s most demanding organizations. Camunda’s success demonstrates how an open, standards-based, developer-friendly platform for end-to-end process automation can increase business agility and improve customer experiences, helping organizations truly transform to a digital enterprise. We are excited to be part of Camunda, helping to scale the company for even bigger growth.”
1. “Top Strategic Technology Trends for 2021,” Gartner, Inc., Published 19 October 2020. By analysts Brian Burke, Frances Karamouzis, Gilbert van der Heiden, et al.
Camunda is an open source software company innovating process automation with a developer-friendly approach that is standards-based, highly scalable and collaborative for business and IT. A community of tens of thousands of users across companies such as Allianz, ING, and Vodafone design, automate and improve mission-critical business processes end-to-end with Camunda, enabling them to build software applications more flexibly, collaboratively and efficiently, gaining the business agility, visibility and scale needed to drive digital transformation. To learn more visit camunda.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Highland Europe
Highland Europe invests in exceptional growth-stage software and internet companies. Active in Europe since 2003 as Highland Capital Partners and formally launched in 2012, Highland Europe has raised over €1.8 billion and has invested in companies such as Adjust, AMCS, Camunda, ContentSquare, Featurespace, GetYourGuide, Huel, Jellysmack, Malwarebytes, MatchesFashion, NewVoiceMedia, Nexthink, Spot, Supermetrics, WeTransfer, Wolt and Zwift. Highland’s collective history of investments across the US, Europe and China includes 46 IPOs and 19 billion-dollar-plus companies.
Further Information: https://camunda.com
Image: Jakob Freund, CEO and Co-Founder and Bernd Rücker, Chief Technologist and Co-Founder (left)