Low-code and no-code startups aren’t getting nearly as much funding as they were a few years ago, but it’s clear that capital hasn’t dried up completely.
Creatio achieved unicorn status after raising a $200 million funding round led by Sapphire Ventures, with participation from StepStone Group and current investors Volition Capital and Horizon Capital.
The new funding, a minority investment, values ​​the startup at $1.2 billion and will be used to support the company’s global expansion as it continues to grow revenue by 50% annually.
“With this investment, we continue to disrupt traditional enterprise software approaches to help our customers accelerate their time to value and leverage technology as a competitive differentiator in their business,” CEO Catherine Kosteleba said in the release.
The Boston-based startup is a developer of a no-code platform that automates customer relationship management and enterprise workflows.
More AI
Unsurprisingly, the company has an AI angle, creating a new generative AI copilot that helps automate a range of marketing and sales tasks.
Creatio needs to continue to innovate while competing with tech giants like Salesforce 1, Oracle, and SAP that dominate the market.
The no-code and low-code sector has seen robust growth throughout 2021 and 2022, driven by startups such as Builder.ai and Genesis Global raising huge nine-figure funding. While the sector appears to be slowing down, the current explosion in generative AI seems to be injecting new energy into the industry.
Creatio was founded in 2014 and raised $68 million in 2021 in a round led by Volition Capital, according to Crunchbase.
Illustration: Dom Guzman
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