- The Munich-based software company welcomes new tech investors Capnamic Ventures and Iris Capital alongside existing investors signals Venture Capital and High-Tech Gründerfonds.
- Moving from a goal-setting tool for the agile method OKR to a comprehensive platform for outcome-oriented, strategic business management and collaboration, Workpath’s revenue has increased by 250% in the past year
- The company signed several well-known market leaders as new customers such as Bosch, E.ON, and Ströer.
- Since the last financing round the headcount has doubled, with teams located in Munich, Berlin, and Madrid.
Munich, September 09, 2021. Workpath, the SaaS solution for outcome-oriented strategy execution, has closed a Series A financing of €10.5 million to further grow and expand its market leadership. The new funding is led by new investors: the tech startup focussed VC Capnamic Ventures, and Iris Capital, next to the existing shareholders, signals Venture Capital and HTGF. The funds will allow the team to boost the development of its software platform and the opening of additional new markets.
Today's work and consumers’ environments have changed: new fast-rising competitors are challenging large corporations while customers are constantly looking for new products. The success factors of many established companies – efficiency and stability – are being replaced by adaptability and speed to become and remain market leaders. This calls for a change in how organizations are run today. Workpath’s software platform supports companies that implement a holistic and agile operating system. Next to simple workflows for employees, this is made possible by integrating various data sources and processes from project management, resource planning and controlling.
To support companies with these challenges of organizational renewal and digital transformation, Johannes Müller, Thomas Obermüller and Pascal Fritzen founded Workpath in 2017. The Workpath software is based on management approaches promoting agile working methods and supports companies in the flexible and effective execution of their strategy using frameworks such as Objectives and Key Results (OKRs). With the platform, teams can define, agree, track and evaluate goals transparently. Since its founding, Workpath has evolved from an OKR platform for agile goal management into a comprehensive SaaS platform for outcome-driven, strategic business management and collaboration.
The platform integrates with the adjacent process and tool landscape, links goals, metrics and projects and organizes teams around shared outcomes. This creates focus, transparency, faster alignment processes and greater adaptability across the entire enterprise.
This new financing will fuel Workpath plans to become the operating system for agile, outcome-oriented enterprise management across all industries.
"To achieve this, we will primarily invest in the further development of our software platform, the establishment of an exceptional customer success infrastructure and the development of new markets," says CEO and co-founder Johannes Müller.
"We are convinced that in today's hyper-dynamic market environment, companies can no longer organize themselves around traditional reporting lines, optimizing only around resource efficiency. It is more important than ever to quickly and continuously create the right outcomes for the customer and to inspire transparency as well as a shared direction for everyone in the company," says the CEO and Co-founder.
"The Workapth team has impressed us very much with their vision, their technologically, at this early stage, already very strong product and last but not least with their passion and execution. We are convinced that Workpath will become the leading solution provider for outcome-based management. The already impressive growth is just the beginning", says Jörg Binnenbrücker, Managing Partner at Capnamic Ventures.
Thorben Rothe, Partner at Iris Capital, adds: "Global competition as well as employee expectations, are changing the way companies work as we observe a clear need for agile and outcome-oriented methods. With its software, Workpath provides the necessary toolset to successfully execute what companies crave when it comes to modern management, thus supporting its customers towards clear industry leadership. We are very impressed with the success of the Workpath team so far and believe we can shape Outcome Management as a software category with Workpath."
The company has seen strong revenue growth since its founding, demonstrating a 250% revenue increase since its seed funding round in late 2020. It has also won major new customers including Bosch, E.ON and Ströer while building partnerships with management consultancies such as BearingPoint. In addition to the software, the company also offers training, interactive learning formats, and events, as well as a network of experts and consultants. Workpath's advisory board consist, amongst others, of Jörg Beyer (co-founder and co-CEO, LeanIX), Sebastian Walter (VP Customer Success, Celonis) and Jonas Rieke (COO, Personio).
Workpath is a Munich-based solution provider that supports companies with its software platform at every step from agile goal management with OKR to end-to-end strategy execution centered around outcomes. With the help of Workpath technology, customers develop greater adaptability and effectiveness in strategy execution. This enables organizations to meet the demands of dynamic markets and a new working world.
With user-centric workflow tools and its associated analytics suite, Workpath links goals, metrics, and projects to center teams and organizations around shared outcomes. In addition, Workpath's international ecosystem of partners, training, events, and enablement content provides the desired culture change and internal knowledge building to holistically guide companies in their transformation.
About Capnamic Ventures
Capnamic Ventures, based in Cologne and Berlin, is one of Europe's leading early-stage venture capital investors. The VC's investment focus is on technology startups in German-speaking countries. In addition, Capnamic invests with international co-investors. All portfolio companies are supported by Capnamic's global industry and expert network and the extensive expertise of the team. The Capnamic team consists of experienced investment professionals who can look back on over 80 investments, numerous trade sales and IPOs as well as their own entrepreneurial experience. At Capnamic, we work side by side with the portfolio companies to create the basis for a strong market position and lasting success. Capnamic is led by Jörg Binnenbrücker, Olaf Jacobi, Christian Knott and Christian Siegele as Managing Partners.
More information about Capnamic Ventures is available at: www.capnamic.com
About Iris Capital
Iris Capital is a European venture capital funds manager specialized in the digital economy. It fuels entrepreneurs at various stages of maturity, from early-stage to growth equity. With its deep sector specialization and extensive experience acquired over 30+ years, as well as the backing of its corporate sponsors, Iris Capital provides active support to its portfolio companies, through its presence in Paris, Berlin, Munich, Tel Aviv, Dubai and Tokyo.
Iris Capital investments include, among others, companies such as Adjust, Careem, Exotec, Compeon, Forto, Jedox, Kyriba, Monk, Netatmo, Open-Xchange, ReBuy, Scality, Shift Technology, SurePay, Talon.One and Zeta. https://iriscapital.com
About signals Venture Capital
signals Venture Capital is a €100M venture capital fund based in Berlin. The team invests in promising, scalable technological solutions that accelerate or disrupt the transformation process of entire industries. The focus of signals Venture Capital is on B2B business models in Seed and Series A stages in Europe, especially in the area of enterprise technology.
signals Venture Capital is part of signals, the innovation ecosystem initiated by the SIGNAL IDUNA Group. As a scaling partner, signals supports startups with a broad offering, including investments, the facilitation of corporate partnerships, as well as access to community and event spaces.
About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven start-ups. With around EUR 900 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge more than 600 start-ups since 2005. Driven by their expertise, entrepreneurial spirit and passion, its team of experienced investment managers and startup experts help guide the development of young companies. HTGF’s focus is on high-tech start-ups in the fields of digital tech, industrial technology, life sciences, chemistry and related business areas. To date, external investors have injected more than EUR 3 billion into the HTGF portfolio via more than 1,800 follow-on financing rounds. HTGF has also successfully sold interests in more than 140 companies.
The Fund Investors in the public-private partnership include the Federal Ministry of Economics and Energy, KfW Capital, the Fraunhofer-Gesellschaft and 32 companies.