Thunkable's 6 Million No-Code Apps Anchor a $30 Million Bet on Education

Three million users and six million apps. Those were the numbers on the board when Thunkable raised its $30 million Series B in April 2022 [TechCrunch, April 2022]. For a no-code platform spun out of MIT, the traction was undeniable, but the path forward was a classic venture-scale question: how do you turn a sprawling, global community of citizen developers into a sustainable business?

Thunkable’s answer is a two-part bet. First, double down on the educational wedge that attracted edtech specialist Owl Ventures to lead that round. Second, layer in generative AI to lower the activation barrier even further, hoping to convert more of its free-tier users into paying customers. The company reported $10.4 million in revenue for 2024, up from $2.6 million in September 2021, with a team of 41 [GetLatka, 2024]. The climb from millions of users to millions in revenue is now the core metric to watch.

From MIT Labs to Main Street

The company’s DNA is academic. Co-founders Arun Saigal and WeiHua Li, both MIT graduates, previously worked on MIT App Inventor before forking the interface to launch Thunkable in 2015 [TechCrunch, 2016]. This heritage provided an instant credibility in education and a robust, block-based programming foundation. The platform allows users to design, build, and publish native iOS and Android apps through a visual, drag-and-drop interface, a capability that has resonated far beyond the classroom.

By 2022, Thunkable reported its apps were used in 185 countries, with over 225,000 projects published to official app stores [Thunkable, 2022]. Use cases range from a math game built by a user to help his brother, to a companion app for a conchology website [Thunkable, 2021]. The user base is the asset, but also the challenge.

The AI-Powered Monetization Wedge

Thunkable’s go-to-market has evolved. The initial model was community-driven and accessibility-focused, with a permanently free tier. The 2022 Series B was earmarked for building a sales team and paid marketing, a clear pivot toward commercial conversion [Business Insider, April 2022]. The product strategy followed suit.

In March 2026, Thunkable launched its “vibe coding” AI Builder, which translates simple text prompts into functional app starting points [Yahoo Finance, 2026]. A companion “Discuss Mode” lets builders talk through problems with an AI assistant in real time. These features are not just about keeping pace with competitors like Adalo or Bubble. They are a direct play to accelerate users from idea to prototype, shortening the path to a moment where paying for advanced features,like direct publishing or removing watermarks,feels necessary.

The platform operates on a freemium model, with paid Builder, Advanced, and Enterprise tiers [Thunkable]. The bet is that AI lowers friction, increases successful outcomes, and thus boosts conversion.

The Competitive and Conversion Calculus

Thunkable operates in a crowded no-code arena. Its differentiation has historically been its native app output and educational roots. The competitive set is broad:

Adalo | 7 | Competitors
Glide | 7 | Competitors
Bubble | 7 | Competitors
Draftbit | 7 | Competitors
FlutterFlow | 7 | Competitors

The primary risk is not competition for users, but competition for their wallets. Converting a global base of hobbyists, students, and small business owners requires demonstrating clear, professional-grade value. The company’s published metrics show strong top-of-funnel growth, but the conversion motion remains the unproven variable at scale. Can it systematically move users from free apps to paid plans that support enterprise needs?

The company’s most plausible answer is its focused vertical strategy. Owl Ventures’ involvement signals a deep commitment to the education sector, where Thunkable can be bundled into curriculum and institutional licenses,a more predictable revenue stream than individual subscriptions.

The Next Twelve Months

Thunkable’s trajectory will be measured by its ability to scale its average revenue per user. The 2024 revenue figure suggests progress, but the jump from there will depend on a few key moves.

• Enterprise traction. Landing institutional deals in education and corporate training programs would provide stable, high-value contracts.
• AI adoption. The success of the AI Builder and Discuss Mode needs to be measured not just in sign-ups, but in their correlation with paid plan upgrades.
• Geographic depth. With a presence in 185 countries, strategic partnerships in key emerging markets could unlock new growth vectors.

The company’s $30 million Series B, led by Owl Ventures with participation from Lightspeed Venture Partners, NEA, and Sky9 Capital, provides a long runway [TechCrunch, April 2022]. Previous backing came from Y Combinator, SV Angel, and ZhenFund, among others. The question for investors now is whether Thunkable can prove that the no-code revolution it helped fuel can also be a billion-dollar business.

Sources

1. [TechCrunch, April 2022] Thunkable raises $30M after its no-code mobile app development platform hits 3M users and 6M apps | https://techcrunch.com/2022/04/05/thunkable-raises-30m-after-its-no-code-mobile-app-development-platform-hits-3m-users-and-6m-apps/
2. [GetLatka, 2024] Thunkable revenue and team metrics | https://getlatka.com/
3. [TechCrunch, 2016] MIT spin-out Thunkable hopes its drag-and-drop app builder can be a money-spinner too | https://techcrunch.com/2016/03/05/mit-spin-out-thunkable-hopes-its-drag-and-drop-app-builder-can-be-a-money-spinner-too/?_guc_consent_skip=1600142876
4. [Thunkable, 2022] Thunkable traction metrics | https://thunkable.com/
5. [Business Insider, April 2022] Thunkable Series B funding plans | https://www.businessinsider.com/
6. [Yahoo Finance, 2026] Thunkable launches AI Builder and Discuss Mode | https://finance.yahoo.com/
7. [Thunkable, 2021] User case study: Ioannis Rougeris' math game | https://thunkable.com/
8. [GetLatka, 2021] Thunkable September 2021 revenue | https://getlatka.com/