KKR and Salesforce Ventures have invested $62 million in a Series B round for Copenhagen-based, no-code software test automation platform Leapwork, to accelerate its global expansion. The company’s existing investors DN Capital and Headline continue to support the business and made an undisclosed, but ‘significant contribution’, to this Series B funding round as well.
Leapwork is the first investment in Denmark from KKR’s Next Generation Technology fund and Salesforce Ventures, both of which recognize Leapwork’s ability to address the $68 billion test automation market, with its no-code solution giving an advantage over others in the space, according to the investors.
KKR’s investment was made via its $2.2 billion growth equity fund, Next Generation Technology Growth Fund II. The fund’s strategy is dedicated to growth equity investments in the tech sector in fast-growing businesses. This is KKR’s seventh European investment through NGT II, and the largest Series B round ever raised in Denmark.
The fresh capital will be used to further strengthen Leapwork’s international growth in other core markets, with the company recently establishing a new presence in Frankfurt, London, Paris, Amsterdam, and Stockholm. The funds will also be used to improve product development, with Leapwork planning to double the size of its tech hubs in Copenhagen and India within the next twelve months.
