San Francisco-based Tooljet, which operates an open-source low-code platform, has raised $1.55 million in a Seed funding round led by Nexus Venture Partners, Ratio Ventures, Better Capital, and Alan Rutledge.
The round also joined the likes of individual investors, including Rohan Murty (Founder of Soroco); Sony Joy (head of Enterprise at Truecaller); Vipul Amler (founder of Saeloun); Mohammed Hisamuddin (founder of Entri); and Abhi Kumar of M12 Ventures.
With this round of funding, Tooljet will focus on expanding the team to accelerate the development of its core platform. It currently has a team of 12 people.
Founded in April 2021 by Navaneeth PK, Tooljet is enabling companies to build their internal tools with minimum engineering effort. The startup, however, is still in its early days but has seen the adoption of its services by hundreds of startups, scale-ups, and even unicorns.
“Companies are under pressure to do more with what they have. Open-source low-code tools enable developers to deliver what the business needs quickly and securely with enough flexibility to customize and extend,” said Navaneeth PK.
ToolJet allows users to connect to databases, cloud storage, and custom API endpoints to fetch data and take actions accordingly. It currently has integrations with more than 15 data sources such as MongoDB, PostgreSQL, Elasticsearch, Cloud Firestore, Google Sheets, and AWS S3.
Speaking on the investment, Sameer Brij Verma, Director at Nexus Venture Partners, said, “We are thrilled to partner with ToolJet’s team on their journey to build a revolutionary open-source low-code/no-code platform with the built-in collaboration which will enable their customers to radically increase their operational clock speed and ability to launch new products.”
Building customer internal tools require access to the company’s data. When using the self-hosted editions of ToolJet, the data access can be restricted within the private networks of the companies, the startup said in a statement.
Since it was made public in June 2021, ToolJet’s GitHub repository got contributions from more than 100 contributors from more than a dozen countries. The project has observed contributions from developers working at CISCO, Freshworks, Razorpay, and Hasura.
The startup works on a freemium model, The basic plan offers a fully managed SaaS service. Whereas, the enterprise edition of ToolJet ships with additional features, installation support, monthly software updates, and priority technical support.
The free and open-source software ( FOSS ) “community edition” of ToolJet can be self-hosted for free without any restrictions on the features or the number of users.
According to the latest study by Gartner Inc, The worldwide low-code development technologies market is projected to $13.8 billion in 2021. The report further added the adoption of low-code is boosted by the cost optimization efforts and remote development due to the ongoing Covid-19 pandemic.