Kissflow

Sacra estimates Kissflow's true valuation at about $400M, based on the assumption of a roughly 15x EV to sales multiple.

Fellow enterprise no/low-code app builder Unqork last raised at a $2B valuation, with an EV to sales multiple of 15x—similar to where other enterprise no-code companies were valued at the time, such as Appian at 11x and privately held Mendix at 15x.

Kissflow has currently raised a total of $1M in a seed round led by Indian Angel Network.

Kissflow is a low/no-code platform for workflow automation in the enterprise. Instead of targeting either non-technical or technical users, Kissflow aims to satisfy the needs of both by incorporating a no-code platform that lets business users build apps via drag-and-drop while also helping development teams build apps using custom code.

Kissflow focuses on solving problems in the "middle-office" where existing company-wide software suites like CRMs and ERPs do not live.

For example, a bank using Kissflow might use it to automate processes around how to handle the exception case of needing an executive signature on a loan greater than $500K. Instead of that request being manually sent by one member of the team to another via email, with Kissflow, an internal CRUD app might be spun up where an executive can be automatically notified about the request and approve it right from that internal app's graphical user interface (GUI).

Most of Kissflow's revenue is from SaaS subscription fees, which start at $1,500 for business customers and grow based on factors like how complex the applications that a business has built are, and whether they need special features like external users, private clusters, or industry compliance like HIPAA and GDPR.

By 2025, more than 70% of new applications made by enterprises are expected to use low/no-code, compared to 25% today. Three factors are driving this rise in low/no-code platforms:

Lack of developers: There aren't enough developers to fulfill the demand, with the US estimated to be short of 1.4M developers.

High spend: Companies spend millions of dollars annually to maintain legacy codebases, wasting developer bandwidth.

Evolution of programming: A natural evolution of programming from low-level coding languages to high-level coding languages to IDEs/frameworks to no-code tools, good enough to make full-stack apps.

When it comes to building full-stack enterprise-grade applications, Kissflow competes with three main types of players: dedicated low/no-code platforms such as Mendix, Unqork, and Outsystems; CRM/cloud providers that bundle low/no-code development platforms with their offering such as Microsoft and Salesforce; and specialized solutions such as Webflow and Wix that companies use for developing web portals. 

Companies also use low/no-code tools for developing utilities or automating internal processes, using Airtable, Smartsheet, Retool, or Zapier, as they are easier to use compared to a full-stack platform like Kissflow.