Innoveo , a leading provider of no-code solutions for businesses, announced it has completed a $ 15 million Series A funding round.
Paulson & Co. Inc., founded by John A. Paulson , and an affiliate fund owned by Michael E. Tennenbaum are first-time investors in Innoveo and will become Everstone Capital, a leading Asian investment firm focused on cross-border investments between North America and Asia and domestic investments in India and Southeast Asia, and join the management team as shareholders.
The proceeds will primarily be used to expand the sales team and marketing activities to expand opportunities for strategic partnerships. The funds will also be used to further improve Innoveo’s product offering by accelerating platform development and research and development – an expansion of skills to be a top contender in the highly competitive technology space.
Innoveo has been a pioneer in no-code technology for more than 10 years, delivering bespoke business applications to accelerate the digital transformation of companies worldwide.
Since being acquired by iSource and Everstone Capital in 2018, Innoveo has grown into a mature and lean organization that offers multiple enterprise solutions for Tier-1 based on its market-leading no-code platform-as-a-service offering, Innoveo Skye-Provides insurance carriers and brings new products such as Innoveo eBro and Innoveo Cyber to market, while at the same time fundamentally revising their sales capacities.
“We believe that no-code technology is increasingly recognized as a game changer for companies that want to digitize their business processes in many industries, but especially in the insurance and financial services industries, where we have secured a first-mover advantage “, says Amir Ghaffar , CEO of Innoveo .” With our Innoveo Skye® Platform-as-a-Service (PaaS) offering, ready -made accelerators and out-of-the-box solutions for common customer use cases, we have the time-to -Market is significantly compressed and enables our customers to bring new applications to market within a few weeks and thus secure their competitive advantage in the age of digital transformation. “
“Innoveo is characterized by a really differentiated platform that accelerates time-to-market and enables customers to digitize business processes across different industries. We are excited to work with Innoveo to help them scale their business globally, “said John Paulson , Founder of Paulson & Co.
Q Advisors LLC and Acuity Advisors, members of a global TMT investment banking alliance, announced that they are jointly serving as exclusive financial advisor to Innoveo on this fundraising venture.
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