Low-code software platform company Creatio is hoping to grow its business after announcing a $68 million capital raise today.

The round was led by the U.S. growth equity firm Volition Capital. Horizon Capital, a private equity firm, also participated in the round. Creatio said it will use its new funds to invest in research and development, global marketing and sales expansion as it looks to build on its current momentum.

Creatio, which was formerly known as bpm’online Ltd., sells tools that include a low-code business processes management platform that makes it possible for workers without coding skills to build enterprise apps with minimal effort, using a drag-and-drop user interface to guide them. The same UI can be used to create complex business processes that help to manage interactions between colleagues, clients and partners.

The company also offers a customer relationship management platform that helps to accelerate marketing, sales and service delivery, as well as the Creatio Marketplace that contains various ready-to-use applications and templates that can extend the platform’s functions in just a few clicks.

Creatio’s funding announcement is timely, since the market for low-code software development tools is rapidly entering hypergrowth phase, according to a report from the analyst firm Gartner Inc. last week. Gartner said the low-code market — driven by “a confluence of digital disruptions, hyper-automation and the rise of composable business” that was a direct consequence of the COVID-19 pandemic — will grow by 23% this year, to $13.8 billion.

Creatio itself said it saw rapid exponential growth in 2020 and achieved a net retention rate that year that was the highest in its history.

Creatio’s new backers cited this growth potential as their main reason for getting behind the company. “We see Creatio’s leadership position being further strengthened as companies embrace low-code solutions that close the IT delivery gap and empower any organization to become a low-code company,” said Roger Hurwitz, a managing partner at Volition Capital.

“Now is a critical time for digital and IT leaders to leverage tech and transform their organizations into low-code companies,” said Creatio co-founder and Chief Executive Katherine Kostereva (pictured). “This investment will allow us to keep building toward the vision of creating the new world, where any company can automate and change their business processes at speed and scale.”

Kostereva appeared on theCUBE, SiliconANGLE Media’s mobile livestreaming studio, in 2019 to talk more about Creatio’s CRM platform capabilities:

Photo: SiliconANGLE