Unqork Raises $207 Million in Series C Funding

Now valued at $2 billion, Unqork will use the new investment to grow its salesforce, invest in its technology, and expand training for its partnerships with SIs.

(Image credit: Uwe Conrad.)

Unqork (New York), provider of an enterprise no-code application platform, has announced that it has secured $207 million in Series C funding, raising the company’s valuation to $2 billion. The round is led by funds and accounts managed by BlackRock, and joined by Eldridge, Fin Venture Capital, Hewlett Packard Enterprise, Schonfeld Strategic Advisors and Sunley House Capital Management, a subsidiary of Advent International. Existing investors including CapitalG, Alphabet’s independent growth fund, Goldman Sachs, Broadridge Financial Solutions, Aquiline Technology Growth and World Innovation Lab (WiL) are also participating.

Gary Hoberman, CEO, Unqork.

Unqork describes its offering as the first completely visual, no-code application platform that helps large enterprises build complex custom software faster, with higher quality and lower costs than traditional approaches––all without a single line of code. The vendor says its platform was designed to meet the complexity, scale and security required to support mission-critical applications at the world’s largest enterprises.

“At Unqork, we pride ourselves in fearlessly taking on huge challenges with our customers. That’s an important characteristic to have when your mission is to completely change the way enterprises create software by offering a better way without code,” says Gary Hoberman, founder and CEO, Unqork. “The same scale that cloud computing brought to infrastructure, Unqork is now bringing to all enterprise software in every industry. That places Unqork in a unique position to capture the $500 billion wasted annually on custom enterprise code and this funding will accelerate our efforts.”

Unqork reports that it has enjoyed rapid growth as prominent organizations in financial services, insurance, government, health care and other industries are increasingly adopting its cloud-based, enterprise no-code platform to solve their most challenging business problems. Unqork reports having reached a number of milestones in 2020, including:

  • Increasing headcount more than 100 percent, from 165 to over 350
  • Growing annual recurring revenue (ARR) at a triple-digit rate for the third year in a row, driven by new customer acquisition and ARR expansion within its existing customer base
  • Expanding into EMEA markets with the opening of a London office and operating in North and South America, Europe and Asia
  • Adding to senior leadership with the hiring of the company’s first chief financial officer
  • “Unqork has reimagined the way enterprise software is created,” comments Michele Trogni, operating partner, Eldridge. “As a no-code platform that is designed to simplify and digitize mission-critical and often highly complex business functions at large organizations, Unqork is uniquely positioned in the market. It makes the buy versus build decision a no-brainer.”

Unqork’s customers include Aon plc, The District of Columbia, Goldman Sachs, Liberty Mutual, Montgomery County, New York City, Nippon Life, Pacific Life, Rethink Food, Vault and more. A new customer, Maimonides Medical Center, is the largest hospital in Brooklyn and has a reputation for being at the forefront of innovative medicine.

“We are committed to providing optimal experiences for our patients and the clinicians we work with. As we move to support modern care delivery, Unqorks broad capabilities made them an ideal technology partner on our digitization journey,” comments Ken Gibbs, president and CEO, Maimonides Medical Center. “We are confident that Unqork’s ability to easily integrate with complex internal and external systems, its ability to securely handle health care data, and its support of a high-fidelity user interface that meets the expectations of our patients will give us a unique way to connect with those we serve.”

Unqork says it will use the new funding to further execute on a number of ongoing initiatives, such as:

  • Growing its global salesforce to meet increasing demand for Unqork’s platform
  • Investing further in its technology
  • Expanding training and go-to-market partnerships with services firms and systems integrators including Capco, Cognizant, Deloitte, EY, KPMG and Virtusa.

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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.

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