Unqork Adds $51M to Series B Funding to Accelerate Expansion

The round, led by CapitalG, and joined by Goldman Sachs, and funds and accounts under management by subsidiaries of BlackRock, Inc., will be used to support further expansion.

(Image credit: 123debbiei.)

Unqork, a New York-based provider of an enterprise no-code application platform, today announced it has closed $51 million in additional growth funding for its Series B round from existing investor Goldman Sachs (New York), along with new investors Aquiline Technology Growth (New York) and World Innovation Lab (WiL; Palo Alto, Calif.).

Gary Hoberman, CEO, Unqork.

Unqork, which launched in 2017, describes its offering as a no-code application platform that helps large enterprises build complex custom software and applications faster, with higher quality, and lower costs than conventional approaches. The vendor’s customers include organizations such as Liberty Mutual (Boston), John Hancock (Boston) and Manulife (Toronto). Recent customer engagements include HSBC (London) Pacific Life, and Maimonides Medical Center (Brooklyn, N.Y.).

“After spending over 20 years in enterprise IT leadership, I can tell you firsthand that the demands on technology leaders have never been more intense,” comments Gary Hoberman, Founder and CEO of Unqork. “Unqork enables progressive enterprises to quickly create and manage the most sophisticated, industrial-strength software using entirely no-code, visual tools. IT leaders are reporting speeds to deploy value-creating technology over one-hundred times faster than traditional coding. This latest funding round provides us with the resources needed to continue empowering these organizations to scale their businesses.”

The $51 million of funding reported today closes a larger $131 million Series B led by CapitalG, the growth equity investment fund of Google parent company Alphabet (Mountain View, Calif.), and will be used to fund new and existing initiatives such as the following, as described by the vendor:

  • Growing the company’s sales and marketing teams across the U.S. and around the world to meet consistently increasing demand for Unqork’s platform;
  • Investing further in the company’s engineering team;
  • Training and continuing to roll out partnerships with some of the world’s largest services firms and systems integrators including Cognizant, Deloitte, EY, KPMG, and Virtusa;

    Sarah Shenton, VP, Merchant Banking Division, Goldman Sachs.

  • Expanding the Unqork community by hosting large-scale events, including No-code on Tour and Unqork Live, its first-ever user conference, on May 6th 2020 in New York City; and
  • Continuing Unqork’s efforts to certify individuals at all levels, with plans to significantly expand the thousands of credentialed Unqork Creators in 2020.

“We can say firsthand that Unqork is changing the way the financial services industry thinks about enterprise technology and how it gets built,” comments Sarah Shenton, VP, Merchant Banking Division, Goldman Sachs. “Time and time again we see the power of the Unqork platform turn skeptical IT leaders into true believers.”

“No-code in the enterprise has gained massive traction, thanks largely to Unqork’s adoption at the most complex organizations,” comments Laela Sturdy, General Partner, CapitalG. “This round is further proof that Unqork has the product, team and customer demand to continue to change the economics of enterprise IT.”

Unqork Closes $80M Funding Round led by CapitalG

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

Leave a Comment