Unqork bags $207 million Series C funding for its no-code platform; joins the Unicorn club at $2 billion valuation
The no-code revolution is gaining momentum and continues to accelerate app development and automation. Today’s no-code platforms empower those closest to challenges to create solutions and free up IT to work on strategic initiatives instead of the backlog of the line of business apps. One of the leading companies in this space is Unqork, a New York-based tech startup that was launched about three years ago to help large enterprises build complex custom software and applications faster, with higher quality, and lower costs than conventional approaches.
We first wrote about Unqork back in October 2019 after the no-code application development startup raised $80M in a new round led by Alphabet’s independent growth fund CapitalG. The startup has experienced exponential growth since then. Since its inception, Unqork has helped Fortune 500 companies like Goldman Sachs, Liberty Mutual, the Cities of New York and Washington, DC, and Maimonides Medical Center to use its drag-and-drop interface to build enterprise applications faster, with higher quality, and lower costs than conventional approaches.
Today, Unqork announced it has closed $207 million in Series C funding to accelerate enterprise no-code leader’s mission to revolutionize how large organizations build mission-critical software. The round, which now puts the company at a $2 billion valuation and making it a member of the coveted unicorn club, was led by funds and accounts managed by BlackRock and joined other new and existing investors.
New backers include Eldridge, Fin Venture Capital, Hewlett Packard Enterprise, Schonfeld Strategic Advisors, and Sunley House Capital Management, a subsidiary of Advent International. Existing investors include CapitalG, Alphabet’s independent growth fund, Goldman Sachs, Broadridge Financial Solutions, Aquiline Technology Growth and World Innovation Lab (WiL) are also participating.
Founded in 2017 by Gary Hoberman, Unqork is a developer of a no-code application platform used to build complex custom software. 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.