No-code development platforms (NCDPs) aim to give power to individuals to realize their software ideas, regardless of technical skill and know-how. To do that, these platforms utilize familiar functions such as drag-and-drop, filters, data queries, widgets and application programming interfaces (APIs), to create software without the need to write a single line of code. NCDPs have so far disrupted business applications, mobile applications, and websites.
Wix reported an increase of 31 million registered users in 2020 (only 23 million were added during 2019) along with 995,000 net premium subscription additions (516,000 additions in 2019).
Shopify’s revenue grew 86% YoY in 2020, while the Gross Merchandising Volume sold via its platform rose 96% YoY in 2020.
BigCommerce’s revenue rose 35.9% YoY in 2020.
Zephyr and Shogun raised funding in 2020 and reported significant revenue growth.
Airtable, Ushur, and Unit21 raised funding during 2020 and noted that the Covid-19 pandemic increased business growth and demand.
Unqork partnered with the city of New York to build and launch a Covid-19 crisis management platform backed by CapitalG (Alphabet) and BlackRock.
The NDCP industry is dominated by workflow automation, business application and web application and e-commerce segments, attracting most funding with more startups being in early and growth stages. Notably, the workflow automation and business application segments had slightly higher composition of early and growth stage startups compared to the web application and e-commerce segment.
Shopify is the largest company on our disruptor list with over USD 2.0 billion in 2020 revenue and a market capitalization of over USD 180 billion (August 2021). Wix, Squarespace, and BigCommerce, which are both publicly traded, also make our list of disruptors.
Among private companies, leading workflow automation provider Klaviyo had received the most funding as of August 2021, along with business application tools Airtable and Unqork.
Smartsheet is a no code spreadsheet-centric SaaS platform offering collaborative work automation solutions to build cross-platform processes, and business-driven web and mobile apps using 3 main tools: 1) Control Center, a Smartsheet tool that automates project creation, aggregating portfolio reporting and managing change, 2) WorkApps, a tool that allows users to build apps using Smartsheet and third party content like Tableau dashboards or Google Docs, and 3) Bridge, a tool that enables users to connect data across systems and automates routine tasks.
The platform is integrated with Microsoft, Atlassian, Salesforce, Dropbox, and Amazon Web Services (AWS). As of September 2021, Smartsheet served eight million customers (including 1 million paid customers) in more than 190 countries and is deployed by about 100,000 firms, including Google, Netflix, Cisco, Roche, and SAP, with reportedly over 75% of Fortune 500 companies using its solutions. The platform, offered in eight languages, operates a subscription model starting at USD 7 per user per month. The company has offices in Boston, London, Edinburgh, and Sydney.
During 2018–2019, Smartsheet was active in the M&A market, acquiring 10,000ft (a project management tool), TernPro (the developer of Slope software), and Converse.AI (a business automation bot developer). Its most recent acquisition was in September 2020, when it acquired the digital asset management platform Brandfolder.
In April 2018, Smartsheet was listed on the NYSE and raised USD 150 million in its IPO at a valuation of USD 1.48 billion. In FY2021, the company reported USD 386 million in revenue (up 42% YoY). The company guides for revenue to reach USD 510–USD 515 million (implying a 32%–34% YoY growth) in FY2022. The company is yet to turn profitable and guides for adjusted loss per share to amount to USD 0.36–USD 0.44 in FY2022 (compared to USD 0.55–USD 0.62 in FY2021).
Web Sites and e-commerce applications:
Big tech companies and cloud platforms are still new to NDCPs. For big tech companies such as Apple, Google and Microsoft, NDCPs (commonly based on the platform-as-a-service business model, or PaaS) are a potential revenue line. Big tech’s current legacy developer platforms have not yet gained the kind of traction that disruptors have.
No investor data is available