No Code, No Problem: Unqork Secures $207M In Series C Funding

Unqork, known for its no-code platform, has secured $207 million in Series C funding from a slew of big name investors. The new funding raises the company’s valuation to $2 billion.

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New York-based Unqork invented the first completely visual, no-code application platform that helps large enterprises build complex custom software. Its customers include high-profile clients such as The District of Columbia, Goldman Sachs, Liberty Mutual, Marsh, Montgomery County, New York City, Nippon Life, Pacific Life, Rethink Food, Vault, Aon plc and more.

The round was 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 and Aquiline Technology Growth, are also participating.

“The same scale that cloud computing brought to infrastructure, Unqork is now bringing to all enterprise software in every industry,” said Unqork founder and CEO Gary Hoberman in a written statement. “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 said it has seen rapid growth as industries adopt its cloud-based enterprise no-code platform to solve their most challenging business problems. It has expanded into EMEA markets with the opening of a London office and operating in North and South America, Europe, Asia. It has also grown its annual recurring revenue 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.

“Unqork has reimagined the way enterprise software is created,” Eldridge Operating Partner Michele Trogni said in a statement. “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.”

Illustration: Li-Anne Dias.