The second quarter is coming to an end, and with it, the Nocode Baroscope returns to give you the state of play of the Nocode market. After a first quarter that saw a record $1 billioninvested in this sector, investors confirm that Nocode is not a technological trend but a revolution. In the last three months, 24 Nocode players have raised a total of $700 million.

For years, software development has been experienced as a complex and time-consuming process. Then the Nocode tools came along. They are transforming software development into a simpler process with shorter turnaround times. In its latest study, Gartner confirms the trend and reveals that by 2024, 80% of technology will be created by non-developers.

700 million invested in 24 Nocode tools in 3 months

In the first quarter, the market leaders had continued to capitalise and three leading tools had emerged from the pack: 

• Calendly, appointment scheduling software, with a $350m fundraising round
• Squarespace, a website creation platform, with a $300 million fundraising
• Airtable, the application that wants to democratize the database for all, with a $270M fundraising

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In the second quarter, there were more fundraisings (24 vs. 16), although not as many. Investors continue to believe that there is still room for new entrants in more and more countries. 

However, three outsiders stood out during the quarter:

• Figma, collaborative GUI tool, with $200m
• Ada, chatbot tool, with $130M
• Bryter, automation platform, with $66M

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Nocode tools are developing in many countries today, and France has also jumped on the bandwagon. In April, the company DessIA raised $6.7 million to put artificial intelligence at the service of engineers. And at Alegria.tech, the leading Nocode agency in France, projects are accelerating considerably with 50 clients signed in less than 6 months. Startups, SMEs and large corporations are all looking for solutions to bounce back or accelerate their innovations. 

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All types of fundraising are concerned by this craze. At Eldorado, we notice that the amounts raised are increasingly important regardless of the sector. In France, a record was broken in May 2021 with €1.5 billion raised by French startups (the average amount raised went from €11m in April to €23.8m in May).

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The great diversity of the typologies of tools that have been financed during this quarter shows that Nocode affects many sectors, and tomorrow undoubtedly also all companies.

Nocode surveys in detail

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Baroscope produced in partnership with Eldorado, a startup financing platform.

See you in October for the next Nocode Baroscope!

👉 Review the Q1 Baroscope and its $1bn raised.