BBCP is pleased to report that Unqork has raised additional capital on strong terms.
NEW YORK, Oct. 3, 2019 /PRNewswire/ -- Unqork (https://www.unqork.com), the only no-code application platform built for the enterprise, announced today that it has secured $80 Million in Series B financing led by CapitalG, the growth equity investment fund of Google parent company Alphabet. As part of the new investment, Unqork will be expanding operations into additional markets, verticals, and growing its engineering team.
Unqork, which was founded in 2017, 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. Companies including John Hancock, Goldman Sachs, Careerwise, and Liberty Mutual are using Unqork's drag-and-drop interface to build industrial strength applications faster, with higher quality and lower costs.
The funding round was led by CapitalG, as well as existing investors. Joining as new investors are funds and accounts under management by subsidiaries of BlackRock, Inc. To date, Unqork has raised more than $110 million in funding and is used by some of the largest and most complex enterprise companies in the world.
"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."
Unqork has hit a significant number of milestones in 2019, including:
Growing annual recurring revenue at a significant triple-digit rate over the past 12 months, driven by both significant new customer acquisition and also ARR expansion within its existing customer base. Delivered more than 10,000 hours of training to customers on its platform. Going from 30 employees at the beginning of 2019 to over 150 today. Recently moving to its fourth office in 18 months, taking over a 40,000 square foot space in the heart of Union Square, New York.
Laela Sturdy, General Partner at CapitalG, recognized Unqork's product innovation and its ability to execute as key factors. "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," Laela said. "Unqork has cracked this problem and is uniquely positioned to enable digital transformation at scale."
Liberty Mutual, an early adopter of Unqork, has made significant internal investments in the platform, training large teams of creators to build applications in Unqork. "Property and casualty insurance (P&C) is a complex web of regulations, regional variations, and constantly changing rules and dynamics," said 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."