Nocode Baroscope: 896 million raised worldwide by 2023

2023 was a year with far fewer funds raised. Unsurprisingly, financing is in line with the overall climate for corporate fundraising during the year.

With 896M raised, the amount remains high. Only 57 companies raised funds in 2023 (versus 103 companies in 2022). 

We haven't seen any record-breaking fundraising in 2023, like Airtable's $1 billion round in 2021, for example. The biggest round of 2023 was Builder.ai for $250 million.

Companies combining Nocode and AI take the cake in 2023, with 53% of funds raised by Nocode startups.

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Some figures: 

1. 476M$ : The amount raised by companies combining Nocode and AI in 2023
2. Nocode Summit: 3,000 participants gathered in Paris in October for the second edition of this major international event dedicated to Nocode.
3. 250M raised by Builder.ai: Builder.ai is an AI-powered Nocode platform that aims to make software creation accessible to all

The biggest fundraisers of 2023 

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T1 2023

153M raised in Q1 2023, a rather quiet start for Nocode financing. The quarter was marked by the $100M fundraising of French company Pascal. Pasqal is a player in the field of quantum computing, and their fund-raising aims to reimagine quantum programming through Nocode. Pascal's fundraising represents ⅔ of the quarter's Nocode investments, with all other fundraisings being small seed amounts.
France, with just 3 fundraisings, accounts for 66% of the total amount raised in the first quarter of 2023, thanks to this record-breaking $100M round from Pasqal.

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T2 2022

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The second quarter saw Nocode raise its largest amount of the year, boosted by Builder.ai's $250 million round.

The overall amount raised by Nocode start-ups has more than doubled compared to Q1 2023, rising from $158M in Q1 2023 to $362.6M in Q2.

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• London-based Builder.ai announces that it has raised over $250 million in its Series D funding round, bringing the total amount raised by the company to over $450 million. Builder.ai is an AI-powered Nocode platform that aims to make software creation accessible to everyone, using human conversation as the primary user interface.
• Flux, another company combining Nocode and AI also came out on top in Q2 2023. The Tokyo-based startup raised an impressive $32 million in Series B funding. This capitalization will enable Flux to further develop its code-free AI platform, Flux AI, to offer businesses in Japan an efficient and affordable solution for integrating AI technologies such as predictive analytics and natural language processing, even without prior programming skills.
• The third startup to raise the most funds this quarter also offers a Nocode and AI solution: Hyro, a US company that has announced a Series B funding round of $20 million. Thanks to this capitalization, Hyro will continue its expansion in the healthcare sector, responding to the growing demand for conversational AI and automation.

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T3 2023

Nearly $250 million raised in Q3 2023. Companies offering Nocode solutions combined with artificial intelligence once again dominated this third quarter, followed by companies building websites without code, notably boosted by the fund-raising of Dutch solution Framer.

• Pixis, a company specializing in code-free AI infrastructure that enables brands to optimize their marketing performance, has announced that it has secured $85 million in funding, the largest of this third quarter.
• American company Hightouch has raised $38 million. It is a platform that enables marketers to use data directly from a data warehouse, thanks to code-free tools.
• Framer, a Dutch no-code website builder, raises $27 million in Series C funding to develop its products and sales teams. 

T4 2023

The last quarter of the year was also the slowest for Nocode corporate financing, with only $127 million raised.

• Israeli startup Mine, famous for its tool enabling consumers to quickly audit their data privacy situation, is now expanding into the enterprise market, raising $30 million in Series B funding to support growth and innovation.  
• South African fintech Stitch raises $25 million in Series A extension. Stitch develops a payment infrastructure that makes it easier for businesses to connect to the financial system and improves the user experience, using its payment API and various tools.
• French start-up Pivot, which specializes in expense management via a software solution that is easy to integrate and customize, raises $21.6 million in Series A financing, just a few months after its creation.

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The UK takes the prize in 2023, closely followed by the US. France on the podium. 

British startups attracted the most capital in 2023, with just 4 companies raising $268 million, including Builder.ai, which accounted for $250 million. 

The United States is just behind with $263 million raised. Startup financing was much more dynamic in the United States, with 18 companies being financed.
With $263M raised in 2023. 

French Nocode companies are on the financing podium in third place, largely buoyed by Pascal's $100M round.

Seed series and series A are on the rise

With a reduced number of large fund-raisings, we can see that the sector remains dynamic, with many young companies that have raised pre-seed, seed and Serie A capital doing well, accounting for over 60% of companies financed in 2023.
A real dynamic around the financing of less mature projects is confirmed in 2023, which promises the evolution towards many new Nocode tools.

Nocode coupled with AI dominates 2023 by far 

Unsurprisingly, companies offering Nocode solutions, combined with advances in artificial intelligence, dominated the fundraising landscape over the year. More than half of the amounts raised over the year were by companies combining these two technologies, with $476 million raised.

Software management and data are the 2 topics that take 2nd and 3rd place. Data governance and security are key to the successful adoption of Nocode and technology solutions. 

It's worth noting that "pure" Nocode solutions such as builders didn't raise as much as in previous years, but Framer came out on top in 2023, raising $27M, and we're delighted for our partner Xano, who secured $10M in funding at the end of 2023 too.

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

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