Berlin-based software company Camunda is reinventing workflow automation. The startup’s open source workforce automation platform covers all phases of workflows, from process design and execution to continuous process improvement. Over 200 companies already use the startup’s solution to automate their core business processes and minimise operating costs, allowing their business to scale and revenue to grow.
Having been profitable since its inception, Camunda has just raised its first round of €25 million in a Series A round led by Highland Europe.
The startup will use the new funds to market its solutions globally, drive continued product development, and expand in the United States, Europe and Asia. The startup’s annual recurring revenue has more than doubled over the past year, fueled by global demand from both digital businesses and companies undergoing digital transformation. Deloitte has ranked the startup as one of the fastest growing companies in EMEA.
According to the Camunda’s research, 91% of EU companies believe that digital transformation is the key to long-term growth. Its platform provides detailed visibility into business operations across distributed systems, and enables enterprises to overcome “big workflow” challenges resulting from digital transformation.
The startup has customers from various industries, including financial services, telecommunications and insurance, as well as software companies. Enterprise clients such as AXA Insurance, Intuit, T-Mobile, Universal Music Group, and Zalando already rely on Camunda’s software to automate core business processes such as e-commerce order executions, stock transactions, and insurance claim settlements.
Jakob Freund, co-founder and CEO of Camunda, said: “We are very excited to be working with Highland Europe, who share our long-term vision and cultural values. Raising additional capital gives us the financial liberty to accelerate our growth and drive expansion, without having to compromise on product innovation.”
Sam Brooks, Partner at Highland Europe, said: “As digital transformation becomes a core focus for businesses across all industries, workflow automation has emerged as one of the fastest growing software categories globally. We’ve followed Camunda closely for several years and have been incredibly impressed by its product focus, capital efficiency and big ambition. We are thrilled to be partnering with the Camunda team on their next phase of expansion.”