New funding round more than doubles Airtable’s total investment to date, with an $11 billion pre-money valuation
Airtable, the connected apps platform that enables teams to modernize their business processes, announced a new round of investment that will dramatically strengthen its focus on product development, customer growth, and support for enterprise teams across multiple industries.
The $735 million in new funding brings Airtable’s total investment to date to $1.36 billion and values the company at $11 billion (pre-money). This Series F round includes participation from respected public market and private investment firms: XN, which led the round, Franklin Templeton, J.P. Morgan Growth Equity Partners, Michael Dell’s MSD Capital, Salesforce Ventures, Silver Lake, and funds and accounts advised by T. Rowe Price Associates, Inc. Existing Airtable investors including Benchmark, Caffeinated Capital, Coatue, D1 Capital Partners, Greenoaks, ICONIQ Growth, and Thrive Capital also participated in the round.
Airtable’s technology is relied upon by more than 80% of the Fortune 100, and the company’s customer base spans industries and includes Amazon, Baker Hughes, IBM, LVMH, Netflix, Nike, Red Bull, Restoration Hardware, and Under Armour. The company’s low-code tools enable knowledge workers in virtually any business function – from marketing to product to operations to finance to HR and beyond – to build customized applications that previously required deep technical skill or significant IT investment.
“As we’ve sharpened our focus on the needs of enterprise businesses, customers are scaling their use of our products to department- and company-wide processes, establishing Airtable as a source of truth for their most valuable operations,” said Howie Liu, co-founder and chief executive officer of Airtable. “This additional capital will allow us to invest even more aggressively in product development and to scale a team and infrastructure capable of supporting a much larger, worldwide customer base.”
By 2023, the number of people developing software applications outside of IT at large enterprises will be at least four times the number of professional developers, according to Gartner.
"Airtable is building the foundational low-code platform, transforming how software is created and used by businesses globally. The decentralization of software development represents one of the largest opportunities in all of technology and will unleash a critical wave of innovation and productivity," said Gaurav Kapadia, founder of XN. "We are thrilled to support Howie and his team as they continue to scale their thriving enterprise business and put the power of software creation in the hands of millions of knowledge workers."
Airtable has invested heavily in product innovation in 2021, recently introducing Interface Designer, the first complete application builder for enterprise. The new features empower teams to design fully interactive front-end experiences on any workflow built in Airtable and to tailor apps specifically to how their teams operate. For example, Twilio’s product operations team uses Interface Designer to connect different parts of its organization and customize how information is shared across them. The tailored interfaces ensure each team can focus on what matters most and make the right decisions in real time.
With an estimated 1.25 billion knowledge workers worldwide, according to Forrester, Airtable continues to expand its enterprise sales, success, and support teams to fuel a growing number of large deployments. Airtable’s go-to-market approach combines the virality and ease of use of end-user adoptable products, with the ability to scale across entire organizations.
“We’re building a best-in-class enterprise business, with enviable customer annual contract values and leading net dollar retention,” said Ambereen Toubassy, chief financial officer of Airtable. “We’re excited to accelerate our investment in the people and technology that power our unique blend of product-led and sales-assisted growth.”