Baroscope: Nocode raises 158.30 million in Q1 2023

In this first quarter of 2023, funds raised by Nocode startups declined, reflecting a general trend of declining investments, estimated at 53% across all sectors by Crunchbase, compared to the same period last year globally.

Despite this decrease, 77% of the funding raised was allocated to the development phases of Pre-seed and Seed projects, which shows that the field remains dynamic with new solutions being funded.

Nocode is also increasingly present in advanced technical areas, as evidenced by Pasqal's recent $100 million quantum computing fundraising.

While Q1 raises have smaller amounts than in 2022, the quarter was also very quiet in terms of number of raises with 13 Nocode raises, versus 26 in Q1 2022.

Q1 2023 raised $158.30 million

January 2023 was the largest month in terms of amount of funds raised compared to the rest of the quarter, with a total of $109.30M raised by four startups.

Among these, we can note the fundraising of the French company Pasqal, which raised $100M. Pasqal is a player in the field of quantum computing and this fundraising aims to reimagine quantum programming through Nocode.

Another French company, Amalia.io, has also raised $4M in funding to unite sales teams with a sales commissioning platform that accelerates the company's business.

These two French companies have thus managed to make their mark on the fundraising landscape this first quarter of 2023.

Two American companies also managed to raise funds in Pre-seed. The first, Seattle-based startup Whalesync, offers a solution for synchronizing data between different software applications and raised $1.8M. The second, Blaze.tech, enables organizations to improve their operations and productivity by allowing them to build software and applications using Nocode and managed to raise $3.50M.

Although investment has slowed in this first quarter of 2023, there is still interest in the Nocode

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February saw the lowest amount raised this quarter with $11.70M. This amount was raised by 3 companies based in Europe.

EthonAI, a Swiss company, raised $6.80 million in Seed to develop its software (powered by its artificial intelligence) for loss prevention in the manufacturing industry.

Italian startup Aryel, which specializes in SaaS Nocode solutions, has raised $3.70 million in Seed funding to make it easier to share content through augmented reality and reach more markets.

In the first quarter, 13 fundraising events were held, including six in March, making it the largest month in terms of projects funded, with a total of $37.30M raised.

U.S.-based Savant Labs raised the largest round of funding in March, with $11 million, with the goal of innovating cloud-based data analysis automation.

Two San Francisco companies, Pitchly and Monnai, also completed Series A fundraisings, raising $7M and $6.50M respectively.

Luxembourg-based Emma, which specializes in multi-cloud management, has raised $6 million to recruit Nocode developers.

Norwegian start-up Appfarm, which specializes in the development of Nocode applications, has also raised $5.40M to become the European market leader and support its growth.

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🌏 In which countries are Nocode investments most significant?

Of the 13 fundraisings recorded in Q1 2023, 5 were from US-based companies, representing 38% of the total number of deals and nearly 18% of the total amount raised.

France, with only 3 fundraisings, represents 66% of the total amount raised during the first quarter of 2023, thanks to Pasqal's record-breaking $100M fundraising

The other countries that have raised funds are Switzerland, Luxembourg, Norway, Italy and India, each with one fundraising round, together representing nearly 15% of the total amount raised. 

🌱 Q1 2023: A majority of startups funded.

In the first quarter of 2023, a significant investment was made in a very cutting-edge field, quantum programming, with a Series B fundraising in the amount of $100M.

Most of the fundraisings were Seed projects (7 raises), followed closely by Pre-Seed (3 raises) and Series A (2 raises) investments. The number of new emerging solutions that are being funded continues to climb.

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