Unqork raises $207 million at $2 billion valuation for no-code platform

The company – which counts Goldman Sachs as an investor and customer – saw 320% year over year growth in Q1

Unqork, an enterprise no-code platform with roots in the financial services and insurance industries, announced Tuesday that it has secured $207 million in Series C funding at a $2 billion valuation. 

Founded in 2017, Unqork says it 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.” It claims to have the capability to hook into legacy file formats, extract data, and build applications with zero lines of code.

Unqork’s SaaS (software-as-a-service) platform was designed “to meet the complexity, scale and security required to support mission-critical applications” at the world’s largest enterprises, according to CEO and founder Gary Hoberman, who stepped down from his role as CIO of insurance giant MetLife in 2017.

The New York-based company says it has seen rapid growth amid increased demand from organizations in the financial services, insurance, government, health care and other industries. 

This year alone, Hoberman said Unqork has grown annual recurring revenue (ARR) at a triple-digit rate for the third consecutive year. In the first quarter alone, the company saw 320% year over year growth, he told FinLedger.

The startup has also more than doubled its headcount over the last six months to over 350 employees compared to 165.

It’s also expanded into the EMEA markets with the opening of its first international office in London in addition to operating in North and South America, Europe and Asia. The company also hired its first CFO, and is partnering with municipalities to help combat issues caused by COVID-19.

“We are just scratching the surface of our global reach,” Hoberman told FinLedger. “We’ve grown beyond our roots in insurance and finance into sectors like healthcare and government, and we will continue to support additional verticals and industries.”

Michele Trogni, an operating partner at Eldridge, said Unqork “has reimagined the way enterprise software is created.”

“It makes the buy versus build decision a no-brainer,” she said.

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, among others.

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 backers including CapitalG, Alphabet’s independent growth fund, Goldman Sachs, Broadridge Financial Solutions, Aquiline Technology Growth and World Innovation Lab (WiL) also participated in the financing. The company has raised a total of $365 million since its inception.

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