Appsmith Raises $41 Million to Scale Open Source Platform that Speeds Critical Internal App Development
Led by Insight Partners, Series B funding will be used to add features and extend security
SAN FRANCISCO, June 22, 2022-- Appsmith, the first open-source low code software helping developers build internal tools, today announced that it has raised $41 million in Series B funding led by global software investor Insight Partners, with participation from Accel, Canaan, OSS Capital, and angel investors including Jeff Hammerbacher, co-founder of Cloudera, and Abhinav Asthana, co-founder of Postman.
Every enterprise needs to create custom internal applications – a slow, repetitive, expensive process that requires work to build the user interface, write integrations, code the business logic, manage access controls and ultimately deploy the app. Often, these internal applications take a backseat to customer-facing applications. Appsmith enables software engineers to build internal apps often 10 times faster.
“Software development is becoming critical to more and more businesses, but there are simply not enough developers to meet our growing global needs,” said Nikhil Sachdev, managing director at Insight Partners. “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.”
The funding follows dramatic growth in users since the $10.5 million Series A round in October 2021 led by Canaan and including Bessemer Venture Partners, bringing the total funding to $51.5 million. The company plans to continue building out its open source software while delivering support services as well as a paid version of the software with additional security features needed by enterprises.
“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.”
Since being introduced less than two years ago, Appsmith’s open source software has more than 10 million downloads, more than 18,000 stars (up 12x since 2021) on Github and is used at over 10,000 organizations. Last year, the company introduced more than 150 enhancements, including major features like JS Editor, version control, and 30-plus new widgets and variations. In total, 184 features were released. A full list can be viewed here. Appsmith also now has more than 18,000 community members with 192 contributors.
Appsmith is the first open-source low code software that helps developers build internal and CRUD (create, read, update and delete) type applications quickly, usually within only hours. Software engineers build the user interface with pre-built components, code the business logic by connecting application programming interfaces (APIs) along with any database, then test and deploy a web application where users are authenticated using a dashboard. Companies dedicate anywhere from 10% to 40% of their engineering resources to these internal tools, like for example a customer support dashboard.
Appsmith was founded in 2019 with the mission to enable backend engineers to build internal web apps quickly with a low code approach. Taking an open source software approach provides anyone with access to the software and the opportunity to get involved in the community. The company has offices in San Francisco and Bengaluru, India. For more information visit https://www.appsmith.com
Joe Eckert for Appsmith
Venture Capital Database