App development startup Appsmith has raised $41 million in its Series B funding round from Insight Partners.
Accel, Canaan Partners, OSS Capital, and few other investors also participated in this round.
The company plans to use the funds to hire talent and expand its business geographically. It also plans to launch software and coding products in the coming year.
US and India-based Appsmith was founded in 2019 by Arpit Mohan, Abhishek Nayak and Nikhil Nandagopal, It is an open-source low-code software startup that helps organizations build and customize apps as per the requirement.
The company also provides tools using which developers can build applications within hours using its pre-built components and APIs.
“This funding round was done to support the demand that we’re seeing for our open source platform to build internal apps that are mission critical and not customer-facing so they often get deprioritized,” said, Abhishek Nayak, co-founder and CEO of Appsmith.
“As a result, companies of all sizes from many different industries rely on Appsmith as an easy way to build custom apps to solve this problem”, he added.
The subscription based platform then helps these startups to test and deploy a web application where users authenticate using a dashboard.
The company has a strength of 95 employees working in 16 countries.
“Software development is becoming critical to more and more businesses, but there are simply not enough developers to meet our growing global needs. Low code tools like Appsmith are compelling options because they enable companies to deliver more developer productivity and faster time to market. With its open-source approach and great momentum achieved in a short amount of time, Appsmith is clearly a favorite among developers”,said, Nikhil Sachdev, managing director at Insight Partners.
AppSmith has grown its user base 15 times since last year and claims to have over 7K users using its services every month.
The company has backed by Sequoia Capital, YCombinator, Canaan Partners, Accel Partners, Bessemer Venture Partners and OSS Capital.
With this funding round, Appsmith had raised total $51.5 million in funding so far.
In October 2021, it had raised $8 million in its Series A funding round.
Appsmith is the first open-source low code tool that helps developers build dashboards and admin panels very quickly. It’s a platform that helps businesses build any custom internal application within hours.
In the past they have founded & sold multiple startups and also built products at other successful startups such as Exotel, Ezetap, Flipkart & Cure.fit.
They are three founders – Abhishek Nayak, Arpit Mohan & Nikhil Nandagopal. Arpit & Nikhil have been engineers for many years and are building a product that they would have loved to use in their previous organizations. The startups they have built in the past have been funded by Sequoia Capital, Accel Partners, and YCombinator.