ToolJet, an open-source low-code software for building internal tools, has secured $1.5 million (around Rs 11 crore) in a seed funding round led by Nexus Venture Partners.
The round also saw 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.
ToolJet plans to deploy the fresh capital for expansion and to develop its core platform.
ToolJet was founded in April 2021 by Navaneeth PK. It’s technology enables companies to build their internal tools with minimum engineering effort.
The company currently has integrations with more than 15 data sources such as MongoDB, PostgreSQL, Google Sheets and AWS S3.
Earlier, PK co-founded MobioPush which was later bought by 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 PK.
After 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, the company said in a statement.
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.