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Unqork achieves $2 billion valuation on Series C

Source: Unqork

Unqork, the leading enterprise no-code platform, today announced 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.

Unqork invented 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. Unqork’s 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,” said 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 has seen rapid growth as leading organizations in financial services, insurance, government, health care and other industries are increasingly turning to its cloud-based, enterprise no-code platform to solve their most challenging business problems. Unqork has reached a number of milestones in 2020, including:
• Increasing headcount more than 100%, 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
• Partnering closely with leading municipalities to leverage Unqork’s no-code platform to help combat issues caused by COVID-19

“Unqork has reimagined the way enterprise software is created,” said 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.

New customer, Maimonides Medical Center, is the largest hospital in Brooklyn and 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, Unqork’s broad capabilities made them an ideal technology partner on our digitization journey,” said 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 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 the company’s technology created by its world-class engineering team
• Expanding training and go-to-market partnerships with the world’s leading services firms and systems integrators including Capco, Cognizant, Deloitte, EY, KPMG and Virtusa

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