- No-code application enterprise platform Unqork announced it raised $80 million in Series B funding led by CapitalG
Unqork — a no-code application platform built for the enterprise — announced it raised $80 million in Series B funding led by CapitalG — which is the growth equity investment fund of Google parent company Alphabet. New investors include funds and accounts under management by subsidiaries of BlackRock.
And with the funding, Unqork will be expanding operations into additional markets, verticals, and growing its engineering team. Including this funding round, Unqork has raised more than $110 million in funding.
Founded in 2017, Unqork is a cloud-based no-code enterprise application development platform that combines the simplicity of a no-code interface with the functionality and power of enterprise-grade software. Some of the companies that use Unqork include John Hancock, Goldman Sachs, Careerwise, and Liberty Mutual. They are utilizing Unqork’s drag-and-drop interface to build industrial-strength applications faster with higher quality and lower costs.
“We’re ecstatic to have CapitalG help power Unqork’s momentum for continued growth,” said Unqork CEO Gary Hoberman. “By building on our proven financial services and insurance successes, the additional funding will allow us to help deliver more of the best enterprise no-code technology and enable fully functional application development for top companies all over the world.”
Some of the milestones that Unqork hit in 2019 include growing annual recurring revenue (ARR) at a significant triple-digit rate over the past 12 months — which is driven by both significant new customer acquisition and also ARR expansion within its existing customer base. And the company delivered more than 10,000 hours of training to customers on its platform. Plus the company went from 30 employees at the beginning of the year to more than 150 today. The company also moved to its fourth office in 18 months by taking over a 40,000 square foot space in Union Square, New York.
“The idea of no-code application development has been a dream in the enterprise, but the technology has never been able to deliver for applications of a high complexity and scale,” added CapitalG general partner Laela Sturdy. “Unqork has cracked this problem and is uniquely positioned to enable digital transformation at scale.”
Liberty Mutual — which is an early adopter of Unqork — had made significant internal investments in the platform by training large teams of creators to build apps in Unqork.
“Property and casualty insurance (P&C) is a complex web of regulations, regional variations, and constantly changing rules and dynamics,” explained James McGlennon, EVP and CIO at Liberty Mutual. “We were the first to recognize Unqork’s unique ability to address this complexity and have since trained 50 employees to build and manage applications.”