Creatio, a leading workflow software company, has recently secured a $200 million Series B funding round, propelling its valuation to an impressive $1.2 billion. Founded by Katherine Kostereva, Creatio is renowned for its no-code platform, which empowers businesses to build and customise interfaces without the need for coding. This innovation has earned Creatio a place on the 2023 Inc. Power Partner list and widespread adoption in over 100 countries, with thousands of users primarily from mid-sized and large enterprise companies.
The Strategic Decision to Fundraise
Having bootstrapped Creatio since its inception in 2014 and raised $68 million in 2021, Kostereva recognised the need for further investment to keep pace with the rapid advancements in artificial intelligence (AI). The primary objective of this latest funding round is to enhance Creatio’s no-code AI technology and further evangelise its benefits. With workplaces racing to integrate the latest AI innovations, it is crucial for Creatio to continue evolving. Competing against industry giants like Airtable and Salesforce, which have recently launched various AI assistants and productivity tools, Creatio aims to stay at the forefront of technological innovation.
A Unique Fundraising Journey
Kostereva’s approach to fundraising was unconventional yet highly effective. Without an initial specific plan, she sought insights from potential investors. After an impromptu discussion with an investor on a Friday, the process quickly gained momentum. By the following Monday, Kostereva received a term sheet and an offer, prompting her to realise that it was time to seriously pursue fundraising.
The journey was notably smooth, with ample interest from investors making the process more about selecting the right partners rather than convincing them. Creatio met with approximately 50 investors, narrowing them down to a top five based on their expertise in enterprise software and their ability to act as minority investors. This strategic selection ensured that Kostereva retained majority control of the company while gaining valuable industry insights from her investors. Ultimately, Creatio partnered with Sapphire Ventures to lead the fundraise, alongside investments from StepStone Group and additional funds from existing Series A investors Volition Capital and Horizon Capital.
Investing in the Future
The $200 million capital injection will be channelled into several key areas:
- Research and Design: Enhancing the Creatio platform with advanced AI assistance and ready-to-use templates. These templates will cater to various industry-specific needs, such as insurance, finance, manufacturing, and distribution, providing solutions like email drafts or automated responses to service requests.
- Talent Acquisition: Expanding the team, which currently has over 700 members across 25 countries, to drive global growth and innovation. Kostereva plans to hire more employees in research and design, customer success, marketing, and sales to support the company’s ambitious goals.
- Global Expansion: Increasing local events, campaigns, and digital shows to strengthen global presence and market reach. This will help Creatio build stronger connections with its international customer base and foster further growth.
Kostereva emphasises the importance of maintaining Creatio’s culture of genuine care, passion, excellence, and teamwork as the company scales. This significant investment will not only bolster Creatio’s technological capabilities but also solidify its position as a leader in the no-code software industry.
For more details, read the full article on Inc.
