SoftBank Latin America Fund led a $2.3 million funding round for Abstra, which has developed a no-code tool for designers and programmers to build professional apps.
Bruno Vieira Costa established the Rio de Janeiro-based Abstra in March 2020. Costa graduated from college in 2018 and has already sold one startup. The serial entrepreneur, who claims to have been programming since the age of seven, previously co-founded and served as CTO of PaperX, an edtech startup. When Costa was 23, his company was sold to the larger, venture-backed edtech Descomplica. Before college, he co-founded Sinextra, a game studio that he claims “had some huge Brazilian customers.”
His goal with Abstra is straightforward: to assist people in creating apps without coding. According to Costa, it is especially beneficial for agencies that want to deliver faster results or for non-technical departments that need to iterate faster but rely on centralized engineering teams to implement everything. Designers and junior programmers can use Abstra to create professional websites and apps “much faster than senior developers in larger companies,” according to Costa.
“We allow easy-to-use customization without the UI limitations that no-code tools commonly have,”Bruno Vieira Costa
Abstra focuses on late-stage/growth-stage technology companies and enterprise IT consulting firms. So far, the startup has attracted 11 customers, including Accenture, Stone, and Descomplica, and is growing MRR (monthly recurring revenue) at a rate of 45 percent on average. Before catching SoftBank’s attention, the startup participated in Y Combinator’s spring 2021 batch. Iporanga, Alexia Ventures, and a few angel investors have invested in the company.
Costa had a friend in common with some people who worked at Accenture, a consulting firm with over $50 billion in revenue in 2021, so the young startup got the opportunity to pitch them.
“I showed our results from previous clients and a product demo, and they decided to run a pilot at that same meeting. They are now one of our most active users. As an enterprise consulting firm, using tools like ours makes them much more competitive,”Bruno Vieira Costa
The startup wants to use the new funds primarily to expand its current nine-person team, particularly in engineering, marketing, sales, and operations.