– USA, TN – Skuid, the leading cloud user experience (UX) platform for building bespoke business apps without writing code, announced today that it secured $25 million in Series B funding. ICONIQ Capital led the Series B round, joined by K1 Investment Management, which led Skuid’s Series A round. Matthew Jacobson of ICONIQ will join Skuid’s Board of Directors.
“Our customers want to innovate faster,” said Ken McElrath, founder and CEO of Skuid. “By eliminating the need to write code, companies can build dashboards and assemble entire enterprise apps in a more agile way. This round of funding will help us help our customers to accelerate innovation, delivering more human-centered applications to more companies that need them, in much less than half the time required by traditional methods.”
Companies deliver apps much faster with Skuid, saving significant up-front costs. Even more importantly, Skuid customers drive significant incremental revenue by getting to market much faster and improving user productivity. Those who invest in delivering exceptional software user experiences can significantly outperform those who don’t. Simple, intuitive apps with human-centric interfaces deliver astounding business results, but most enterprise software is still clunky to use. Innovative companies want a better system of engagement, without changing their systems of record.
With Skuid’s no-code platform, customers can connect disparate data sources from vendors like Salesforce.com, Microsoft, Oracle and SAP, and bring everything together into easy-to-use apps tailored to every role in their company. Customers can unify and streamline their UX across a wide array of platforms—all without writing code. For these reasons and more, Skuid customers can see a 100% return on investment in just a few months.
“With the proliferation of software and data, organizations are increasingly looking to leverage and customize powerful systems with high end user adoption and satisfaction, but are often constrained by traditional process development, coding and design,” says Matthew Jacobson, General Partner at ICONIQ Capital. “Skuid is addressing this growing strategic need with an exceptional product that enables businesses to quickly build bespoke user experiences without code, defragment data sources and massively increase productivity. Skuid has experienced significant growth with a focus on delivering tangible value to customers, and we are thrilled to partner with the team to support their continued success and product leadership.”
“We’ve been humbled to be a part of Skuid’s journey. They’ve gone from a bootstrapped startup that had early traction with Fortune 500 customers, to a true industry leader. The team is pioneering a new era of enterprise app development,” says Hasan Askari, Managing Partner at K1. “We’re excited to partner with ICONIQ on the company’s next stage of development and are excited to see Skuid continue to make business software better, one app at a time.”
Skuid’s code-free UX platform makes it quick and easy for companies to tailor their enterprise software to the specific, unique tasks of employees, so that workers are more efficient, productive, and more likely to love their jobs. This is why Skuid has continued to more than double revenue growth, customer base, and company size year over year since it was founded in 2013. Over the past year, Skuid saw tremendous growth within Fortune 100 companies who seek faster digital transformation and blazing fast innovation.
Skuid was founded in 2013 on the simple belief that enterprise apps should stop forcing people to behave like machines. Instead, apps should behave more like the humans who use them, so everyone can thrive in the digital world. With Skuid’s simple-to-use but incredibly robust cloud UX platform, anyone can connect to disparate data sources and assemble highly complex, beautiful, bespoke applications without writing code. More than 5 million users across 32 countries use Skuid to engage with each other, with data, and with new customers in meaningful ways.
About ICONIQ Capital
ICONIQ Capital is a global multi-family office and merchant bank for a group of influential families.
About K1 Investment Management
K1 is an investment firm focusing on high-growth enterprise software companies across North America. K1 seeks to help dynamic businesses achieve successful outcomes by identifying and executing organic and acquisition-based growth opportunities that position its companies as industry leaders. K1 typically invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. K1’s investments vary in the level of ownership in order to meet the needs of entrepreneurs and managers.
For more information, please visit www.k1capital.com
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March 24, 2017