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