Salesforce challenger Creatio achieves $1.2 bln 'unicorn' status with fundraising
Adds details on company's financials in paragraph 5
By Krystal Hu
June 26 (Reuters) -Creatio, a low-code software platform for customer relationship management that competes with Salesforce CRM.N, said on Wednesday it had secured $200 million in a new funding round, giving it "unicorn" status with a valuation of $1.2 billion.
Founded in 2014, Creatio employs 700 people across seven global offices, including Poland and Ukraine. It serves middle to large size enterprises including Coca-Cola KO.N and MetLife MET.N, but is not yet turning a profit.
The latest funding, led by Sapphire Ventures, came after Creatio's revenue increased at 50% annually for several years. StepStone Group and existing investors Volition Capital and Horizon Capital also participated, it told Reuters.
Creatio raised $68 million in 2021 after a few years of "bootstrapping", keeping afloat without raising funding.
Katherine Kostereva, Creatio's founder and CEO, said the company is cash flow break-even and capital efficient.
"Creatio's underlying low-code automation platform provides this freedom to automate your workflows on the fly," Kostereva 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.
Creatio plans to use the cash to accelerate its product development, using generative artificial intelligence (AI) to speed up automation in marketing and sales-related tasks.
While low code and no code startups have seen a cooling down from a funding frenzy in 2021, Creatio stands out for focusing on specific business processes, said Rajeev Dham, managing director at Sapphire Ventures, which 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 and Alexander Smith
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