WATI, a Cyberport SaaS start-up that helps businesses engage with their customers via WhatsApp, has raised US$23 million in a Series B round led by Tiger Global Management and Shopify. The round included participation from existing investors Sequoia India and Sequoia Southeast Asia. This follows a Series A round in December 2021, which saw the start-up nab US$8.3 million, again from global investors.
The start-up was established by Cyberport alumnus Clare.AI in 2019. WATI has developed a WhatsApp-based platform that enables small- and medium-sized businesses to automate marketing and sales and engage with customers in real time and with personalised messages. The platform is currently used by 6,000 customers in 78 countries. Most are small- to medium-sized businesses in South and Southeast Asia, which have been undergoing rapid digital transformation since the pandemic.
The investment reflects a growing appetite among global investors for digital transformation opportunities in developing economies in South and Southeast Asia. Notably, this was Shopify’s first venture investment in a start-up operating in Southeast Asia.
According to Co-founder and CEO Ken Yeung, WATI saw revenue grow by five-fold in 2021, and he expects growth will continue to multiply this year. WATI plans to use the new funding to scale its teams and invest in the product stack for low-code automation, thereby encouraging wider adoption of its digital tools.
