Oslo-based startup Appfarm has secured €5.4 million (NOK 60 million) in a round led by Norwegian VC firm Idékapital along with Eviny Ventures and existing investor Arkwright X. The startup delivers a no-code application development platform enabling painless digital transformation for business managers, digital innovators and future-looking developers. With the new partners on board, Appfarm aims to become a market leader in Europe. The company has been profitable and has experienced rapid growth since its establishment in Oslo in 2017. Revenues have tripled from just over NOK 11 million in 2020 to NOK 30 million in 2022.
“We are very pleased to have put in place a competent and experienced group of investors for the company. Now we have found the right partners who will contribute to lifting the company to become a market leader in Europe”, says Marius Tuft, general manager of App farm.
Appfarm was established in 2017 and delivers innovative “no-code” technology that enables the development of business-critical applications, without the need to write code. The company delivers products and services to customers directly and through partnerships with consulting and advisory companies in Norway and abroad. The customer portfolio is broad and includes, among others, Bertel O. Steen, Skanska, 4Service, NAV, ABB, Viken Fiber, Hovedorganisationen Virke, Norli and Eviny, to name a few.
“Digitalisation and digital innovation have largely been reserved for the largest companies that have the budgets to employ – or hire – specialist IT expertise. The rise of “no/low-code” technology now makes it much easier and faster to develop digital solutions that create value for both large and smaller companies”, says Marius Tuft.
Analysis agency Gartner expects that 70% of all new business applications will be built with “no/low-code” technology by 2025.
“This round of capital gives us the resources we need to build on our success in Norway and take a position as a leading “no-code” platform in Europe. The ambition is to become a market leader in our segment.”
Appfarm has had strong growth since its inception and had sales in 2022 of approx. NOK 30 million and had 35 employees at the end of the year.
“Appfarm has already taken a strong position in Norway and we look forward to contributing to the company taking a leading role in the rapidly growing market for “no-code” technology in Europe. Appfarm has a strong team and all the prerequisites for success”, says Kristian Øvsthus in Idékapital.