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Website design tech startup Webflow raises $140 million

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(Reuters) - San Francisco-based Webflow, a platform for web designers who do not know how to code, on Wednesday said it raised $140 million at a valuation of over $2.1 billion as investors bet a shortage of coders will give a boost to the so-called “no-code” tech.

While there are other website builders like Squarespace, Webflow chief executive Vlad Magdalin said those were for consumers while Webflow provides more complex functions for companies and web designers.

“No-code is still an early category and a lot of things you still have to do with code. But in the last year, we really saw a lot of companies taking this philosophy and this set of tools as a really business practical way to save costs and move faster,” said Magdalin.

On Tuesday Boston-based airSlate, which helps non-coders build internal workflow systems for things like customer data collection or getting travel expenses signed off by a manager, said it raised $40 million.

Borya Shakhnovich, airSlate’s chief executive, said in addition to a shortage of IT resources, a mushrooming of enterprise software was creating challenges, estimating that companies were using an average of 1,200 different software products. “There’s a growing need to have piping between these applications,” he said.

Arun Mathew, a partner at Silicon Valley venture capital firm Accel, said that while the Internet has grown over the last 13 years, there is “still a relatively small number of developers — 20 million people here in the U.S. — that knew how to develop and code for the Internet.”

He added he sees a big opportunity in the field.

Accel, an early investor in Facebook, and Silversmith Capital Partners led the Webflow funding round, which included participation from new investor, CapitalG.

Reporting By Jane Lanhee Lee; Editing by Aurora Ellis

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