Startups Venture

Unqork Raises $80M Series B

No-code enterprise software startup Unqork has raised $80 million in a new round of funding, the company announced Thursday.

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The Series B funding round was led by CapitalG, Alphabet’s growth equity investment fund, and included participation from previous investors like Goldman Sachs and Summerfield Capital Management. The new round of funding brings Unqork’s total funding to more than $107 million, according to Crunchbase data.

Unqork helps businesses develop applications without using lines of code. It has a drag-and-drop interface to make building applications a faster, more efficient process. For example, one of the first solutions Unqork created for a financial services client was a robo-adviser for product selection for asset management.

Unqork counts companies like Goldman Sachs, Liberty Mutual, and John Hancock among its customers. The company also recently won its first government contract and plans to expand into the real estate industry.

Unqork started with what CEO Gary Hoberman called some of the toughest, most regulated industries–financial services and insurance–as opposed to building its way up to the challenge. Financial services and insurance are also industries the Unqork executive team has experience in–Hoberman started his career in financial services and spent nearly 20 years in the industry before moving into the world of insurance, for example.

“The industries that we started with are those that not only we came from and we understand the pain points…it’s those that are still of highest manual operation. Thousands and thousands of people who do nothing but manual operation,” Hoberman said.

Unqork can take over the mundane tasks and free up those technologists’ time so they can create value doing other things.

The company raised its $22 million Series A in April. This year has been one of fast growth for the company, with Unqork growing its workforce from 30 employees at the beginning of the year to now more than 150. Turning to financial metrics, the company’s annual recurring revenue grew at “a significant triple-digit rate” over the past year.

Illustration: Li-Anne Dias.

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