KKR and Salesforce Ventures have teamed up to back the biggest-ever Series B investment round in a Danish business, valuing no-code software test automation platform Leapwork at about $312m.
The $62m Series B round also featured backing from existing backers DN Capital and Headline.
KKR is investing in Leapwork through its Next Generation Technology Growth Fund II, which it closed on $2.2bn at the beginning of last year.
The deal is KKR’s seventh European investment through NGT II.
Leapfrog’s software is used by businesses including PayPal, Mercedes-Benz and BNP Paribas, to automate routine business processes, and specifically software testing, at scale.
The company says its tech can help businesses achieve a 10X faster time to market, 97% productivity gains and a 90% reduction in software application errors.
Leapwork said it planned to expand using the new capital, with a key focus on the North American market, where the company recently opened a New York office.
The company also recently established a new presence in Frankfurt, London, Paris, Amsterdam and Stockholm.
KKR director Patrick Devine said, “Test automation has historically been very challenging at scale, and it has become a growing pain point as the pace of software development continues to accelerate.
“Leapwork’s primary mission since its founding has been to solve this problem, and it has impressively done so with its powerful no-code automation platform.”
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