Framer, an Amsterdam-based no-code website builder, has reached a US$2 billion valuation after securing US$100 million in a series D round led by Meritech and Atomico.

The company now has over 500,000 monthly active users.

Framer has been expanding its enterprise offerings, adding new analytics and security features.

Businesses now make up most of its new customers, including clients such as Miro, Perplexity, Scale AI, and several Y Combinator startups.

The company said it hit US$50 million in annual recurring revenue in 2025 and has been break-even for the past year.

Framer’s previous round was a US$27 million series C in 2023.

🔗 Source: TechCrunch

🧠 Food for thought

1️⃣ Strategic pivot timing proved crucial for Framer’s explosive valuation growth

Framer’s transformation from a prototyping tool to a website builder demonstrates how strategic pivots can unlock massive value when timed with market shifts.

The company was founded in 2015 focusing on high-fidelity design and prototyping, but shifted strategy in 2021 to address inefficiencies designers faced when transferring designs from tools like Figma to web development platforms2.

This pivot coincided with the growth of the no-code website builder market, which was valued at $1.97 billion in 2023 and is projected to reach $3.58 billion by 20313.

The timing proved transformative. Framer went from raising $27 million in May 20222 to achieving a $2 billion valuation just three years later1.

This reflects a broader trend where companies that successfully adapt to market dynamics can achieve significant returns compared to those that stick with their original vision regardless of market evolution.

2️⃣ Enterprise customers drive revenue concentration in the no-code space

Framer’s business model shift reveals how no-code platforms achieve sustainable growth by capturing higher-value enterprise clients rather than relying solely on individual users.