Low-code open-source platform Tooljet announced on Wednesday that it has raised $1.5 million in a seed funding round. Venture capital firm Nexus Venture Partners led the round while Ratio ventures, Better capital and Alan Rutledge also participated in the round.
The seed funding round also saw the participation of 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. Companies.
The company said it plans to use the seed funding to expand its team to accelerate development of ToolJet’s core platform.
Tooljet’s low-coding, open-source software essentially helps companies build their in-house tools with minimal engineering effort. The company says its platform has been adopted by dozens of startups and even unicorns. The company further claims that it currently has integrations with over 15 data sources such as MongoDB, PostgreSQL, Google Sheets, and AWS S3.
ToolJet was founded last year (2021) by Navaneeth PK. Navaneeth previously co-founded MobioPush, which was acquired by SaaS unicorn and US listed company Freshworks in 2015.
“Companies are under pressure to do more with what they have. Low-code, open-source tools allow developers to quickly and securely deliver what the business needs with enough flexibility to customize and extend,” said ToolJet Founder and CEO Navaneeth PK.
Commenting on the seed funding round, “Sameer Brij Verma, Principal of Nexus Venture Partners, commented, “We are thrilled to partner with the team at ToolJet on their journey to build a groundbreaking open-source low-cost platform. -code/no-code with the built -in collaboration that will enable their customers to dramatically increase their operational clock speed and ability to launch new products.
The global low-code development technology market is expected to reach $13.8 billion in 2021 according to the latest forecasts from Gartner, Inc. Low-code adoption is driven by cost optimization efforts and low-code development. distance due to the ongoing COVID-19 pandemic.