Salesforce challenger Creatio raises $200 mln, becomes 'unicorn'
By Krystal Hu
June 26 (Reuters) -Creatio, a low-code software platform for customer relationship management that competes with tech giant Salesforce CRM.N, has secured $200 million in a new funding round that boosts its valuation to $1.2 billion, the company said on Wednesday.
The funding, led by Sapphire Ventures, came after Creatio'srevenue increased at 50% annually for a few years.
StepStone Group and existing investors Volition Capital and Horizon Capital also participated in the funding round.
Previously, Creatio raised $68 million in 2021 after a few years of "bootstrapping", which means keeping the company afloat without raising external funding. The company is not currently profitable.
"Creatio’s underlying low-code automation platform provides this freedom to automate your workflows on the fly," Katherine Kostereva, Creatio's founder and CEO said in an interview.
"We're very happy to have our partner investors on board, but also the control over the strategy stays with the founding team," she added.
Founded in 2014, Creatio employs 700 people across seven global offices, including Poland and Ukraine. It serves middle to large size enterprises including AMD, Coca Cola and MetLife.
The company plans to utilize the new funding to further accelerate its product development, using generative artificial intelligence (AI) to accelerate the automation in marketing and sales-related tasks.
While low code and no code startups have seen a cool down from funding frenzy in 2021, Creatio stands out for focusing on specific business processes, according to Rajeev Dham, managing director at Sapphire Ventures who led the investment.
"They aren't just general purpose no code platform. They are no code with a architecturally flexible backend, while focusing on a pretty big market," said Dham.
Reporting by Krystal Hu in New York; editing by Miral Fahmy
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