Appfarm to get a convertible note from Arkwright X

Appfarm, an Oslo, Norway-based startup building a no-code application development platform, secured funding for the company.

The money is a convertible note backed by the local startup accelerator Arkwright X with a limit of NOK1-3M. The agreement means that a valuation will not be set now, but gives Arkwright X the right to convert the loan that is now granted in a later investment round, at a price that will be set then. Appfarm, which now has 10 employees, is also moving in with Arkwright X.

Appfarm, founded in 2017 by Hans Magnus Wold, Marius Tuft Mathisen and Ole Borgersen, developed a a no-code application development platform used for rapid application development that lets you create and launch business apps in days. The company expects a 2020 turnover of  NOK 11.5 million ($1.4M).