Seattle, April 25, 2019 (GLOBE NEWSWIRE) -- SEATTLE – April 25, 2019 – AppSheet, the leading no-code application platform, today announced the closing of a $15 million Series A funding round. The round was led by Shasta Ventures, with additional participation from a previous investor, NEA. The infusion of capital will drive platform enhancements, increase investment in customer success, and expand marketing initiatives. In addition, AppSheet will immediately and rapidly expand its team in Seattle and create a center of machine learning excellence in Portland, Ore.
“The new funding has an essential purpose: to serve our existing customers better and to reach and serve new customers,” said Praveen Seshadri, founder and CEO of AppSheet. “More than 18,000 active app creators per month build business apps with AppSheet and 110,000 active end-users per month use those apps to drive business productivity in their teams. Our mission is to create an intelligent app platform that empowers every business user to create rich enterprise-grade apps to automate their team and organization. We’re delighted to have our investors support this mission.”
AppSheet disrupts the traditional code-based application development process. It combines a declarative no-code model with platform intelligence. Business users can innovate and create multi-platform apps without writing any code. Compared to hiring developers or agencies, this approach is an order of magnitude more agile, significantly more powerful, and comes at a fraction of the cost. As more enterprise customers have started to run their businesses on AppSheet apps, the platform has evolved to provide rich end-to-end capabilities for app security, management, and IT governance.
“We believe AppSheet’s demonstrated success with a broad horizontal customer base is a key indicator of its expected impact,” said Ravi Mohan, Managing Director at Shasta Ventures. “There is no doubt that we are at the start of a technology revolution that will allow business users to create their own software solutions, and there is no doubt that AppSheet is the market-leading platform that will drive this transformation.”
“There is this huge gap today between the automation solutions that a line-of-business wants and needs, and the ability of IT programmers to deliver,” said Greg Papadopoulos, Venture Partner at NEA. “AppSheet has uniquely solved this puzzle through exceptionally clever automation, which effectively closes the gap for a broad horizontal market. It turns the business users themselves into heroes, by empowering them to create super-compelling business apps without having to write a single line of code. We are excited to continue partnering with AppSheet and to help fortify their position as the market leader in no-code app platforms.”
About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With more than $20 billion in cumulative committed capital since the firm’s founding in 1978, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 225 portfolio company IPOs and more than 375 acquisitions. For additional information, visit www.nea.com
About Shasta Ventures
Shasta Ventures is a leading early-stage venture capital firm partnering with bold, creative entrepreneurs who are passionate about building epic products and amazing experiences. Founded in 2004, Shasta Ventures has more than $1 billion under management investing in enterprise and consumer companies with a deep focus on emerging platforms. For more information go to https://shastaventures.com.
About AppSheet
The AppSheet intelligent, no-code app development platform empowers business users to create and deploy robust apps tightly connected to existing business data. Unique machine learning and AI-forward functionality further simplifies app creation and enriches the end-user experience. While enabling rapid innovation and citizen development, the platform also ensures apps meet IT governance, security, and management requirements. Thousands of enterprises across the globe use AppSheet to address departmental, line of business, or company-wide digital transformation initiatives. Headquartered in Seattle, AppSheet’s mission is to disrupt the world of low-code app development. For more information, please visit www.appsheet.com.
