Camunda, a Berlin-based open source workflow automation software platform company, has raised €25 million in Series A funding from Highland Europe. Camunda plans to use the funding to accelerate global awareness of its solutions, drive product development, and expand further in the U.S., Europe, and Asia.
And the company will continue innovating on its product stack with a focus on supporting modern use cases like microservices orchestration and high-scale scenarios to process massive volumes of transactions with low latency. In the past year, Camunda saw its annual recurring revenue (ARR) more than double.
This growth is attributed to increases in global demand from digital native businesses and companies that are going through digital transformations. Digital transformation involves companies automating core business processes that span across multiple microservices. In order to make this happen, workflow automation infrastructure is necessary.
“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 in a statement. “Raising additional capital gives us the financial liberty to accelerate our growth and drive expansion, without having to compromise on product innovation.”
Interestingly, this is first time that Camunda raised funding since launching ten years ago. Freund told TechCrunch that the company was profitable since day one. The reason why the company raised funding was so that it can aggressively expand internationally.
Camunda’s stack offers an integrated platform for software developers and stakeholders of businesses. Plus it addresses all the phases of workflow automation ranging from process design and execution to the continuous improvement of processes.
The stack offers a robust toolkit for modeling and executing businesses processes and it has visual interfaces for monitoring and troubleshooting active processes across large volumes of process data. The open source Workflow Engine that Camunda developed offers seamless integration points with the broader infrastructure of an organization.
Camunda’s software is able to automate core business processes like stock transactions, insurance claim settlements, and eCommerce order executions. Customers of Camunda’s platform include financial services, telecommunications, and insurance companies. There are more than 200 enterprise customers that use Camunda including AXA Insurance, Intuit, Goldman Sachs, Lufthansa, T-Mobile, Universal Music Group, and Zalando.
“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,” added Highland Europe partner Sam Brooks. “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.”