Open source low code platform Tooljet announced on Wednesday that it has raised $1.5 Mn in a seed funding round. VC firm Nexus Venture Partners spearheaded the round while Ratio ventures, Better capital and Alan Rutledge also participated in the round.
The seed funding round equally saw participation from several angel investors including Rohan Murty (founder of Soroco), Sony Joy (head of Enterprise at Truecaller), Vipul Amler (founder of Saeloun), Mohammed Hisamuddin (founder of Entri )and Abhi Kumar of M12 Ventures.
The company said that it plans to use the seed funding for expanding its team to accelerate the development of the core platform of ToolJet.
Tooljet’s open source low coding software essentially help companies in building their internal tools with minimum engineering efforts. The company claims that its platform has been adopted by scores of startups and even unicorns. The company further claims that it currently has integrations with more than 15 data sources such as MongoDB, PostgreSQL, Google Sheets and AWS S3.
ToolJet was founded last year (2021) by Navaneeth PK. Navaneeth has previously co-founded MobioPush, which was acqui-hired by SaaS unicorn and U.S. listed company Freshworks in 2015.
“Companies are under pressure to do more with what they have. Open-source low-code tools enable developers to deliver what the business needs quickly and securely with enough flexibility to customize and extend,” said ToolJet Founder and CEO Navaneeth PK.
Commenting on the seed funding round, “Sameer Brij Verma, Director, Nexus Venture Partners, commented, “We are thrilled to partner with ToolJet’s team on their journey to build a revolutionary open-source low-code / no-code platform with the built-in collaboration which will enable their customers to radically increase their operational clock speed and ability to launch new products.”
The global low-code development technologies market is projected to $13.8 billion in 2021 according to the latest forecast by Gartner, Inc. Low-code adoption is boosted by the cost optimization efforts and remote development due to the ongoing COVID-19 pandemic.