Appsmith secures $41 million in the Series B funding round led by Insight Partners
- ByStartupStory | June 25, 2022
Appsmith, an app development company with offices in the US and India, has secured $41 million in a Series B fundraising round headed by Insight Partners. Accel, Canaan Partners, OSS Capital, as well as a few more angel investors, also participated in the round. Funds will be used by Appsmith to develop its open-source software and bring new features to the platform for its users (enterprises).
The founders of Appsmith have been contacted by Inc42 for confirmation, and their replies will be added to the story when they are received. Appsmith is a low-code open-source software firm that was founded in 2019 by Arpit Mohan, Abhishek Nayak, and Nikhil Nandagopal. It enables businesses to create and modify apps in accordance with specifications.
With the help of the startup’s tools, developers may quickly create apps utilising the pre-built components and APIs of Appsmith. After testing and deploying a web application where customers are authorised to use a dashboard, the subscription-based business aids these firms. 95 people are employed at Appsmith and are located in 16 different countries. It claims to have over 7K consumers using its services every month and its user base has increased by 15x since last year.
Appsmith had $8 Mn in their Series A fundraising round as of October 2021. received $2.5 Mn in its initial round of fundraising before. With this round, the business has now garnered $51.5 million in funding, and its board of directors includes Prasanna Sankar from Rippling as well as Canaan Partners, Accel Partners, Bessemer Venture Partners, OSS Capital, and Canaan Partners. Other low-code software businesses that compete with Appsmith include Builder.ai, Visual LANSA, Mendix, WaveMaker, and Appian.
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