No-code platform developer Creatio Inc. today said it has raised $200 million in a funding round that values the company at $1.2 billion, bringing the total amount raised by the Boston-based firm to $268 million.

Creatio’s platform is principally used to automate workflows in customer relationship management scenarios. Founded in 2015, it employs 700 people in 25 countries. Unlike most vendors in its market, Creatio generates about half of its revenue from sales through more than 700 channel partners and systems integrators. It has a strong vertical market focus with templated applications and components for 20 different industries.

Although the venture funding market has been tight this year, Creatio found the money-raising process was “relatively easy because we have strong growth of over 50% a year and strong net retention,” said Andie Dovgan, the firm’s chief growth officer. “We had multiple tier-one investors who wanted to invest. We spoke to a short list of five, and all made terms sheets,” he said. “We selected these two based on culture and values.”

The investment round was led by Sapphire Ventures LLC, with participation from StepStone Group Inc. and existing investors Volition Capital LLC and Horizon Capital LLP.

Composable architecture

Creatio completed the transition of its product to a composable – or building block – architecture last fall. Earlier this year, it introduced an artificial intelligence copilot. Both have resonated with customers, Dovgan said.

“We see big potential replacing legacy technologies,” he said. “We were able to convert a number of very sizable organizations in just a couple of months, moving 2,000 users of a technology like Microsoft or Salesforce to Creatio because of the compatibility and because our platform is modern and much younger.”

Rollouts across even large enterprises typically take no more than three months, and he said an average of 95% of the applications customers build require no coding. “Because of the composability, no-code and gen AI, you can skip a lot of unnecessary steps and streamline the deployment process,” Dovgan said.

Creatio plans to invest the new funds in “no-code governance, workflow automation and applications lifecycle management,” Dovgan said. It’s looking to improve its AI-assisted development technology to take on more ambitious tasks and plans to expand its library of pre-defined applications that can be dropped into workflows under construction.

“Verticals like banks and insurance companies want to create hundreds of use cases,” Dovgan said. “We can triple or quadruple the number of components for different verticals and integrations.” The company also plans to expand its marketplace of applications built by third parties.

Investments in marketing are also on the table with plans to host more than 150 “no-code days” in 2025.

Dovgan said the new investment should fund operations indefinitely. “We are a capital-efficient business,” he said. “We’re growing quickly and not burning a lot of money.”

Photo: Creatio