Formstack, which offers no-code enterprise tools to build automated workflows, raises $425M led by Silversmith Capital and PSG
Context & Ripple Effects
Formstack's $425M round lands in the middle of a run of enterprise-workflow financings TechCrunch has tracked: Dooly raised an $80M Series B for AI sales-workflow automation, OneStream pulled in $200M at a $6B valuation for financial operations tooling, and Bryter had earlier validated the no-code-for-enterprise-automation thesis with its $16M Series A. What distinguishes this round is who wrote the check: Silversmith Capital, which has been systematically building a portfolio across this exact seam — it also led Constructor's $55M Series A for e-commerce optimization and later backed Salesforce DevOps tooling via Gearset's $55M raise — teaming up here with growth-equity firm PSG.
First-order effects
- Formstack gets $425M of primary capital from Silversmith and PSG to scale its no-code workflow platform against better-funded neighbors like Dooly and OneStream in adjacent enterprise-automation categories.
- Silversmith deepens its concentration in enterprise workflow and DevOps tooling, adding Formstack alongside Constructor and Gearset as anchor positions in that thesis.
Second-order effects
- Rival no-code automation startups such as Bryter now compete against a peer with growth-equity-scale balance sheets, pressuring them toward larger rounds or consolidation rather than organic-only growth.
- PSG's involvement signals that late-stage growth funds — not just traditional VCs — are pricing enterprise workflow automation as a durable category, raising the cost of capital advantage for anyone else raising in the segment.
Third-order effects
- If Silversmith's cross-portfolio pattern holds, expect the no-code/workflow-automation market to consolidate around a handful of well-capitalized platforms acquiring point solutions, mirroring how it has already paired bets in e-commerce tooling and Salesforce DevOps.
- Growth equity replacing venture capital as the dominant financier of mid-market SaaS automation points toward fewer, larger independent players and more exit paths shaped by PE roll-up logic than by IPO windows.
The trend: Growth-equity firms are consolidating the no-code enterprise-automation category, with repeat backers like Silversmith assembling portfolios that span workflow, DevOps, and commerce tooling.