Workfellow, the software product company with the first plug-and-play tool that provides a holistic view of the impact of digital transformation on team work, has announced that it has raised $3.12 million in its Series A funding round.
The investment will support Workfellow’s growth by ramping up its product and commercial operation.
The investment was led by European venture capital firm OpenOcean, with participation from Icebreaker who led Workfellow’s previous pre-seed funding round. Ex-UiPath leadership Kulpreet Singh and Kedar Dani also participated as investors and advisors.
As investment in digital technology reaches record levels, Workfellow is set to help the enterprise pinpoint the impact of investment in digital transformation, give precise visibility on how the workflow impacts teams, and provide a new layer of intelligence to inform data-driven, collaborative decision making.
According to recent research, 70% of digital transformation projects will fail – equivalent to more than $900 billion wasted investment. Workfellow attributes much of this failure to the fact that most digital transformation is implemented via an engineered approach to the workforce, followed by a lack of visibility of what is working (and isn’t) and why. Workfellow flips this approach with its focus on how teams are working in order to inform and influence decisions about digital transformation.
Kustaa Kivelä, CEO, Co-founder of Workfellow said: “We believe for too long there has been a gap in understanding the impact of digital technology and also how teams can use it to their advantage for improved work–we see this with both companies just beginning their digital transformation and in those with many advanced automation initiatives in place.
“Our tool provides the first solution on the market that goes beyond processes to inform how teams are using technology and how it impacts their teamwork, ultimately providing a way for business leaders and teams to have an entirely new conversation about work transformation that benefits everyone. Workfellow provides a rich, data-led view with insights to finally identify where the benefits of technology best amplify the unique capabilities only offered by human workers.”
Tom Henriksson, General Partner of OpenOcean said: “The COVID-19 pandemic has prompted an unprecedented acceleration in digital transformation, with new technology rolled out in days and weeks – when previously it would have taken months or years. Businesses now need to understand the impact on work and the overall value of investments. In the past businesses have lacked a holistic view of the impact of digitisation across the company. Workfellow has solved this problem with its truly unique tool, giving full visibility to enhance the workplace with a human-led approach. We are thrilled to partner with a true pioneer of the next phase of the data economy like Workfellow and look forward to supporting the company’s future growth in the years ahead.”
Staria is an international accounting firm and both a partner and customer of Workfellow. Matias Tiala, Director of RPA & AI at Staria, said: “Staria and Workfellow have a shared passion for digital transformation and ensuring firms are equipped to optimise human-technology collaboration. Our business relies on creating bespoke, tech-driven solutions for our high-growth customers – many of whom operate globally. Workfellow’s technology gives us good visibility and a new perspective on actions within our organisation, providing us with actionable insights to ensure our teams can work effectively and we can harness technology to continue to deliver excellence for our customers.”