San Francisco-based no-code web development platform Webflow has successfully raised a substantial $72 million in Series A funding. The round was spearheaded by Accel, and also saw contributions from Boston's Silversmith Capital, FundersClub, Rainfall Ventures, Draper Associates, and multiple angel investors. Following this considerable investment, the company's value is estimated to range from $350 million to $400 million post-money, reports Forbes.
As part of the financing agreement, Accel's Arun Mathew will join Webflow's board. The no-code platform enables individuals and businesses to create robust websites and applications without writing a single line of code. Presently, the platform boasts more than 45,000 customers, including prominent brands such as Dell and HelloSign. According to Forbes, the company has maintained profitability for two years, with an annualized revenue exceeding $20 million.
With the new funding, Webflow seeks to expand its executive team and hire additional staff. The company currently employs over 120 people, a significant increase from last year's headcount of around 70, as per CEO and co-founder Vlad Magdalin. The platform intends to continue expanding its customer base, as well as investing in extensibility, accessibility, performance, security, and data privacy to facilitate growth.
Existing customers range from individual freelancers to Fortune 500 companies such as Johnson & Johnson, Yelp, and Adobe, underlining the platform's versatile appeal. A $72 million funding round is a considerable achievement for a company of 120 employees, hinting at rapid workforce expansion to align capital resources with spending. With the increasing adoption of no-code platforms like Webflow and AppMaster, the industry's growth trajectory remains optimistic.
In a blog post, Magdalin shared Webflow's early hardships since its inception nearly six years ago. Despite being accepted into Y Combinator a few months after its launch, the company's founders faced personal and financial struggles. Eventually, Webflow received $2.9 million in seed funding from various funds and angel investors, with Rainfall Ventures contributing more than half.
