No-code startup Innoloft has raised €2 million in a new funding round led by Dutch VC firm Capital Mills. This is the company's first investment in a German company.
With Innoloft's no-code platform, companies can build web applications without any coding knowledge.
Founded in 2019, the startup now has over 70,000 end users and includes customers such as Deutsche Telekom, Aachen University and German state governments.
With the new financing, Innoloft aims to accelerate product development and expand its user base.
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As a B2B software company, the startup falls well into Capital Mills' investment focus. The VC firm offers two types of financing: revenue-based financing (up to €1.25 million) and equity (up to €2.5 million).
With the support of over 60 investors, Capital Mills has participated in 40 investment rounds and counts 19 companies in its portfolio. These include the end-to-end sales and marketing platform Convious and Mopinion, which provides feedback software for companies.
With its latest investment, Capital Mills is tapping into the no-code movement.
“We believe Innoloft has a great team that has developed an innovative and intuitive no-code solution that has the potential to capture an ever-growing market,” said Barry de Kock, investment manager at the VC firm.
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