OutSystems, which offers a low-code app development service, raises $150M led by Abdiel Capital and Tiger Global
We started OutSystems almost 20 years ago with a mission … Michael Vizard / VentureBeat : Outsystems raises $150 million to expand the reach of its low-code development platform Business Wire : OutSystems, Software Development Platform Leader, Raises $150 Million Investment at $9.5 Billion Valuation Thanks: @dieronsandra
Context & Ripple Effects
This round is the peak of a decade-long funding ladder for OutSystems: a $55M round led by North Bridge in 2016, then a $360M raise from KKR and Goldman Sachs in 2018, and now $150M from Abdiel Capital and Tiger Global at a $9.5B valuation — roughly a twenty-fold jump in headline value over five years.
The low-code category was drawing parallel bets at the same moment: Tiger Global also led a $200M Series B into financial-services low-code vendor Genesis, while Goldman-backed WSO2 and Insight-backed Appsmith raised on the same thesis that enterprise app building moves off traditional code.
First-order effects
- OutSystems gets fresh capital to expand its low-code platform internationally while carrying a $9.5B private mark — the highest in its history — with Tiger Global joining an investor base that already included KKR and Goldman Sachs.
Second-order effects
- Competing low-code vendors feel pressure to match the war chest: Genesis' Tiger-led $200M Series B and Appsmith's $41M Series B show investors funding multiple layers of the same market, forcing every player to spend aggressively on enterprise sales to justify its own markup.
Third-order effects
- The cycle then reversed: OutSystems reportedly raised $228.4M in October 2022 at a $4.3B valuation — 55% below this round's mark — per Forbes, meaning late-stage investors who priced low-code at 2021 multiples absorbed the markdown, and future growth rounds in the category get priced against the corrected number rather than the peak.
The trend: Low-code platforms became a magnet for outsized late-stage growth rounds during the 2021 private-markets peak, with Tiger Global-style cross-fund velocity setting valuations that the 2022 reset later forced to reprice.