Project management software company Airtable has landed $185 million in a new round of funding, bringing its valuation to $2.5 billion.
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Thrive Capital led the Series D round, with participation from existing investors Benchmark, Coatue, Caffeinated Capital and CRV, according to a company spokeswoman. D1 Capital also participated in the round as a new investor.
The round was raised during the COVID-19 pandemic, CEO Howie Liu said in an interview with TechCrunch during its Disrupt conference on Monday.
Airtable says it makes it easy to plan events, projects or product development by helping teams keep track of timelines and workflows. The company, which was founded in 2012, last raised money with a $100 million Series C in November 2018, which gave it a valuation of about $1.1 billion, per Crunchbase.
Along with the new funding, San Francisco-based Airtable announced Airtable Apps, a new platform to create custom applications, Airtable Automations to automate work in the platform, and Airtable Sync so users can better collaborate. More than 200,000 organizations use Airtable, according to the company.
“The biggest shift that’s happening today with our fundraise and our launch announcement is we’re going from being a no-code product … to now being a low-code solution,” Liu said in the Disrupt interview.
It was the diversity of customers using Airtable (ranging from startups and large enterprises to cattle farms) that gave the company the confidence to double down use sensibilities for the product, Liu said.
Airtable is well-capitalized, but has no plans on going public any time soon, according to Liu. An IPO, “hasn’t even been a thought that’s crossed our mind,” he said, and the Airtable team is committed to building the company with as much focus as possible.
The no-code/low-code space is just now heating up, and Airtable had an early start, Liu said.
“I think this is really the time when we need to show that we’re going to be the winner of this category,” he said.
Illustration: Li-Anne Dias