Open Source Low-Code Platform ToolJet Secures Funding From Microsoft's M12 Fund, GitHub Invest

SUMMARY

With the fresh capital, ToolJet wants to focus on strategic initiatives as it focuses on expanding its workforce and advancing the artificial intelligence capabilities

The funding amount was not disclosed by the startup

Founded in April 2021 by Navaneeth Padanna Kalathil, Tooljet helps customers enhance the platform's capabilities by integrating Java Script-based plugins

Open source low-code platform ToolJet has secured an investment from M12, Microsoft’s venture fund and GitHub via the M12 GitHub Fund to fuel its next stage of growth. However, the funding amount was not disclosed.

With the fresh capital, ToolJet wants to focus on strategic initiatives as it focuses on expanding its workforce and advancing the artificial intelligence capabilities within the platform.

Further, using AI, ToolJet aims to enhance its platform’s intelligence, enabling developers to leverage advanced algorithms and automation to streamline its development workflows further.

“This strategic allocation of funds will empower ToolJet to accelerate innovation, fueling its mission to revolutionise software development and deliver unparalleled value to its ever-growing user base,” ToolJet said in a statement.

Founded in April 2021 by Navaneeth Padanna Kalathil, Tooljet helps customers enhance the platform’s capabilities by integrating Java Script-based plugins. Tooljet claims to have close to 20,000 stars and 350 contributors on GitHub.

“The investment is a testament to the strength of our platform, community and our vision to democratise software development by making it more accessible to everyone,” Navaneeth Padanna Kalathil, CEO of ToolJet, said.

The startup said it previously raised $6.1 Mn from Nexus Venture Partners, Ratio Ventures, Better Capital, January Capital and other notable VCs and angel investors.

The funding comes at a time when funding winter continues to torment the Indian startup ecosystem in June 2023, as total funding declined 78.5% year-on-year (YoY) to $580.18 Mn. The number of deals also fell 25% to 94 during the month, according to Inc42’s ‘Indian Tech Startup Funding Report H1 2023’ report.

India’s low code/no code market (LCNC) which crossed $400 Mn in FY21, is projected to grow to $4 Bn by FY25, as per a Nasscom report.