ToolJet, an open source low-code software for building internal tools has raised $1.5 million in a seed funding round led by Nexus Venture Partners with participation from Ratio ventures, Better capital, Alan Rutledge as well as enterprise founders, operators and 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 intends to use the funding for team expansion to accelerate the development of the core platform of ToolJet.
ToolJet’s technology enables companies to build their internal tools with minimum engineering effort. ToolJet’s platform is still in its early days but it has already been adopted by hundreds of startups, scale-ups and even unicorns. ToolJet currently has integrations with more than 15 data sources such as MongoDB, PostgreSQL, Google Sheets and AWS S3.
ToolJet was founded in April 2021 by Navaneeth PK Navaneeth has previously co-founded MobioPush which was acqui-hired by Freshworks in 2015. The Toojet team comes with rich experience in building enterprise SaaS applications.
“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.
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.”
Since it was made public in June 2021, ToolJet’s GitHub repository got contributions from more than 100 contributors from more than a dozen countries. The project has observed contributions from developers working at CISCO, Freshworks, Razorpay, and Hasura. Open source products evolve around the community, the constant feedback from the community has helped in improving the product.
The worldwide 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.
Forrester predicts that 75% of development shops will use low-code platforms by the end of the year.
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