Low-code and no-code startups are not seeing the funding they did a couple of years ago, but it clearly has not dried up completely.
Creatio achieved unicorn status after landing a $200 million round led by Sapphire Ventures, with participation from StepStone Group and current investors Volition Capital and Horizon Capital.
The new cash, a minority investment, values the startup at $1.2 billion and will be used to help the company expand globally as it continues to grow revenue 50% year to year.
“With this investment, we will continue to disrupt the traditional enterprise software approach, helping our clients to accelerate time-to-value and use technology as a competitive differentiation in their business,” said CEO Katherine Kostereva in a release.
The Boston-based startup is a developer of a no-code platform to automate customer relationship management and enterprise workflows.
More AI
Not surprisingly, the company has an AI angle — creating a new generative AI copilot to help automate different marketing and sales tasks.
Creatio will need to continue to innovate as it competes with huge tech titans such as Salesforce 1, Oracle and SAP which dominate the market.
The no-code and low-code space saw solid growth in 2021-22 as startups like Builder.ai and Genesis Global raised huge nine-figure rounds. While the sector appears to have slowed down, the current generative AI explosion seems to be breathing new life into the industry.
Founded in 2014, Creatio previously raised $68 million in 2021 in a round led by Volition Capital, per Crunchbase.
Illustration: Dom Guzman
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