Appfarm has raised 60 million NOK in a recent capital increase. The round is led by Norwegian VC investor Idékapital and Eviny Ventures, and the existing investor Arkwright X is also part of the emission.
“We are very pleased to have such a competent and experienced group of investors in place. Now we have found the right partners to contribute to elevating the company to become a leader in the European markets,” Marius Tuft says, CEO at Appfarm.
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 internationally. The customer portfolio is broad and includes many of Norway's largest companies and organizations.
“Digitalisation and digital innovation have largely been reserved for the biggest companies with budgets to employ or hire specialist IT expertise. The rise of no/low-code technology makes it much easier and faster to develop digital solutions that create value for both large and smaller companies,” Tuft says.
“The analysis agency Gartner expects that 70% of all new business applications will be built with no/low-code technology by 2025. This capital round gives us the resources to continue building on our success in Norway and take a position as a leading no-code platform in Europe. Our ambition is to become a market leader in our segment,” he finishes.
Appfarm has had strong growth since its beginnings and had a turnover of 30 million NOK in 2022, with 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,” Kristian Øvsthus at Idékapital says.