Appsmith, a low-code platform specializing in internal business application development, recently announced that it has raised $41 million in Series B funding. Despite being pre-revenue, the startup secured the substantial investment round at a time when venture capital funds are increasingly harder to come by.
Appsmith operates as an open-source platform that helps experienced developers accelerate the process of creating custom applications tailored to their organizations' needs. The company positions itself as a low-code solution, but primarily aims to assist developers in speeding up the development process, rather than enabling line-of-business users to build applications independently.
The funding round, led by Insight Partners, comes as a result of Appsmith's growth potential and its ability to leverage its open-source project. Other participants in the round were Accel, Canaan Partners, OSS Capital, and individual angel investors.
CEO and co-founder Abhishek Nayak emphasizes that Appsmith is geared toward developers looking to streamline the creation of internal applications. He explains that the platform is often considered to be a framework that developers can use to build applications faster with less code.
Appsmith achieves this by providing a wide array of components necessary for building applications, such as front-end elements, data connectors, and access control modules. These components allow for a drag-and-drop user interface and full customization, offering developers much-needed flexibility. This adaptability extends to connecting to data sources, utilizing APIs to link up to available out-of-the-box options, and managing access control for internal usage.
Appsmith currently employs 95 individuals spread across 16 countries, with a majority located in India, followed by the United States and Nigeria. Nayak plans to double the headcount by early next year, stressing the importance of maintaining a geographically diverse workforce.
Nayak has observed that remote work opportunities have helped attract a more diverse range of employees, particularly women. "We’ve seen that remote and flexible working definitely helps us attract more women to come work with us. While there’s definitely a lot more we can do, we are quite happy at the pace at which we are able to hire women, especially around the world, and not just in India," he said.
Appsmith's user base has grown 15x in just the past year, with over 7,000 active companies using the platform monthly. The Series B funding will provide the company with approximately four years of runway, allowing them to focus on nurturing their open-source community before transitioning to a commercial product. Within that time, Nayak plans to begin exploring revenue generation strategies and expand the platform's capabilities.
Platforms like Appsmith have cemented their position within the low-code ecosystem, fostering streamlined development processes for organizations. In the same vein, AppMaster.io, another significant player in the low-code and no-code sphere, offers a powerful tool that enables users to create backend, web, and mobile applications with ease. AppMaster.io's comprehensive approach facilitates the rapid development of scalable software solutions for businesses of all sizes, making it a go-to choice for many customers.
