Two-year-old New York-based software company Unqork, which is developing a no-code platform for enterprise insurance and financial services, today announced that it’s raised $80 million in series B financing led by CapitalG, the equity investment fund of Google parent company Alphabet. Funds and accounts under management by BlackRock participated, along with other undisclosed existing investors.
CEO Gary Hoberman said that this latest round, which brings the company’s total raised to over $110 million following a $22 million series A in April led by Goldman Sachs, will accelerate the expansion of operations into additional markets and hiring across its engineering teams. “We’re ecstatic to have CapitalG help power Unqork’s momentum for continued growth,” he added. “[T]he 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 provides a cloud-hosted development platform with a drag-and-drop interface that enables customers including John Hancock, Goldman Sachs, Careerwise, and Prudential to build apps quickly and cost-effectively. Its frontend and backend — which can be deployed to single-tenant, cloud-agnostic environments like Amazon Web Services, Google Cloud Platform, and Microsoft’s Azure — collate rules, workflows, and databases to support a range of integrations and data operations, and to pull in data directly from trusted sources for real-time use.
To date, Unqork’s insurance, financial, and real estate clients have deployed programs that digitize and check for errors in paper applications on the fly, and apps that handle common servicing tasks like beneficiary updates, claims notifications, dynamic contract structuring, document generation, and contractor outreach. Liberty Mutual, an early adopter, says it’s 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 Liberty Mutual executive VP and chief information officer James McGlennon. “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.”
Research and Markets anticipates the global low- and no-code market will grow from $2.34 billion in 2017 to $27.23 billion in 2022, and Unqork (along with sometime rival Tulip) appears to be riding the wave pretty successfully. Recurring revenue over the past 12 months stayed steady at a triple-digit rate, driven by what the company characterized as “significant” new customer acquisition and existing customer retention. Moreover, Unqork grew from 30 employees at the beginning of this year to 150 today, and it recently moved into its fourth office in 18 months — this one off of New York’s Union Square.
“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,” said CapitalG general partner Laela Sturdy. “Unqork has cracked this problem and is uniquely positioned to enable digital transformation at scale.”