• High-growth open source software company will use funding to further expand in US, Europe and Asia
• First outside funding after being profitable since inception
• Enterprise customers include more than 200 leading blue-chip banks, mobile operators, insurers and software companies
BERLIN and SAN FRANCISCO, December 5, 2018 –– Camunda, creators of popular open source workflow automation software, has today announced a €25 million Series A financing from Highland Europe, marking the first time the company has taken outside investment.
Camunda will use the new funds to accelerate global awareness of its solutions, drive continued product development and expand its organization in the United States, Europe and Asia. With annual recurring revenue (ARR) more than doubling over the past 12 months, Camunda’s growth has been fueled by global demand from both digital-native businesses and companies undergoing digital transformation.
The Camunda stack provides an integrated platform for software developers and business stakeholders, covering all phases of workflow automation: from process design and execution, to continuous process improvement. The stack includes a robust toolkit for modeling and executing business processes, coupled with powerful visual interfaces for monitoring and troubleshooting active processes and analyzing large volumes of process data.
Today, instead of buying monolithic business systems off the shelf, modern organizations are composing their own bespoke technology stack that reflects their individual business model. Digital transformation means that companies need to automate core business processes – which are not rigidly baked into one system, but span multiple microservices and are constantly evolving – in a collaborative effort with software developers, as well as business stakeholders. To achieve this, a new generation of workflow automation infrastructure is needed, with Camunda’s solutions helping companies successfully navigate business process automation initiatives.
Camunda users come from various industries, including financial services, telecommunications and insurance, as well as software companies seeking to embed Camunda’s workflow technology. More than 200 enterprise customers such as AXA Insurance, Intuit, T-Mobile, Universal Music Group and Zalando rely on Camunda’s software to automate core business processes such as eCommerce order executions, stock transactions, and insurance claim settlements.
At the heart of Camunda’s offering is the open source Workflow Engine which is built with developers top-of-mind, providing seamless integration points with an organization’s broader infrastructure. Camunda will continue to innovate on its product stack, with a specific focus on supporting modern use cases such as microservices orchestration, and high-scale scenarios for processing massive volumes of transactions with low latency.
“We are very excited to be working with Highland Europe, who share our long-term vision and cultural values,” said Jakob Freund, co-founder and CEO of Camunda. “Raising additional capital gives us the financial liberty to accelerate our growth and drive expansion, without having to compromise on product innovation.”
“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,” Sam Brooks, Partner at Highland Europe, said.
Camunda is a software company reinventing workflow automation. Hundreds of companies including 24 Hour Fitness, Goldman Sachs, Lufthansa Technik and Zalando trust Camunda to automate core business processes to the highest possible extent, allowing their business to scale and revenue to grow without proportionally increasing operating costs.
With its open source workflow automation and decision platform, Camunda provides detailed visibility into business operations across distributed systems, boosts system resilience and enables enterprises to overcome “big workflow” challenges resulting from digital transformation. One of the fastest growing companies in EMEA as ranked by Deloitte, Camunda is based in Berlin with offices in San Francisco and Denver, USA. To learn more visit: https://camunda.com/
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 billion and has invested in companies such as Adjust, Bitmovin, ContentSquare, Featurespace, GetYourGuide, Huel, Malwarebytes, MatchesFashion, NewVoiceMedia, Nexthink, Smartly.io and WeTransfer. Highland’s collective history of investments across the US, Europe and China includes 46 IPOs and 19 billion-dollar plus companies.
To learn more, visit: www.highlandeurope.com.
Jessica Jaffe, Sift Communications, Jessica.Jaffe@siftpr.com