In every era automation has propelled us forward.
And wow! That was our feeling when we first saw Workato’s automation software, which has recently become a portfolio company of Fabrica Ventures Fund II.
Workato is a Gartner market leader (for five years in a row) in the integration platform as a service (iPaaS) market — iPaaS vendors offer integration and automation solutions that orchestrate and automate processes, create and manage APIs, ingest and sync data, etc.
With Workato (a low-code/no-code, cloud-based web application, that is hosted on public cloud infrastructure), you can connect to multiple applications that you use for work and write recipes to automate workflows — it’s simple and fast (drag and drop), but powerful.
It has some 500,000 “recipes” available for companies to use, covering operational areas like HR, marketing, sales, finance, IT, and popular enterprise apps like Intercom, Slack, Tradeshift, ServiceNow, Snowflake, Shopify, and many others.
Workato’s pitch is that it has managed to bridge the gap between automation and the non-technical users who are most likely to want to use (and build) workflow automation experiences.
The iPaaS is already a big market (≈$5B) and should grow at an annual rate of 30%+ until the end of the decade – competition mostly against big tech names, Salesforce (Mulesoft), SAP, Oracle and Microsoft.
With over 11,000 customers, it has been funded by top VC funds such as Battery Ventures, Insight Partners and Altimeter Capital, and by the corporate VC arms of Salesforce, ServiceNow and Workday.
$440M of equity raised and last valuation at $5.7B (Nov 21) – taking advantage of the market moment, Fabrica managed to invest at a 55% discount over the last round.
Three years in a row in the Cloud 100 and in the Deloitte Technology Fast 500.
Workato’s approach is to deliver an Enterprise Automation Platform, with the versatility to support all use cases, powered by AI, ML and bots, and usable by all: business and IT.
There are lots of automation ideas and too much to do. Automation has the potential to make our work more meaningful and productive. We believe that Workato is on the way to truly transforming companies’ operations.