No-code startup Innoloft has raised €2mn in a new funding round led by Dutch VC firm Capital Mills. This marks the firm's first investment into a German company.
Innoloft's no-code platform enables businesses to build web applications without any programming knowledge.
Founded in 2019, the startup now counts over 70,000 end-users and includes customers such as Deutsche Telekom, Aachen University, and German state governments.
With the new funding, Innoloft plans to accelerate product development and expand its user base.
The
The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
Being a B2B software company, the startup falls well under Capital Mills' investment focus. The VC firm offers two types of funding: revenue-based financing (up to €1.25mn) and equity (up to €2.5mn).
Backed by over 60 investors, Capital Mills has participated in 40 investment rounds and counts 19 companies in its portfolio. These include end-to-end sales and marketing platform Convious as well as Mopinion, which provides feedback software for enterprises.
With its latest investment, Capital Mills taps the no-code movement.
“We believe Innoloft has a great team that has built an innovative and intuitive no-code solution that has the potential to capture an ever-growing market,” Barry de Kock, investment manager at the VC firm, said.