Unqork, the US-based creator of a no-code software development platform, received $207m yesterday in a series C round featuring corporates Alphabet, Broadridge Financial Solutions and Hewlett Packard Enterprise (HPE).
The funding was raised at a $2bn post-money valuation and was led by funds and accounts managed by BlackRock. Internet and technology group Alphabet took part through growth equity subsidiary CapitalG while enterprise technology provider HPE and financial technology producer Broadridge invested directly.
Advent International’s Sunley House Capital Management subsidiary, Goldman Sachs, Eldridge, Fin Venture Capital, Schonfeld Strategic Advisors, Broadridge Financial Solutions, Aquiline Technology Growth and World Innovation Lab (WiL) made up the rest of the investors.
Founded in 2017, Unqork has created an application development platform utilising a drag-and-drop interface that allows enterprise customers to build and manage apps without writing code.
The series C proceeds will be used to further develop the company’s technology, increase the size of its sales team and grow its go-to-market and training partnerships with corporate customers.
Unqork has now raised $368m in total, $22m coming in an April 2019 series A round led by Goldman Sachs’ Principal Strategic Investments unit and backed by Broadbridge and existing investors Summerfield Capital Management, Blue Seed Collective and Bradford Brown Capital Partners.
The company then closed a series B round featuring CapitalG, Goldman Sachs, Aquiline Technology Growth, WiL and funds and accounts managed by BlackRock at $131m in February this year.
Gary Hoberman, Unqork’s founder and CEO, said: “At Unqork, we pride ourselves in fearlessly taking on huge challenges with our customers. That is an important characteristic to have when your mission is to completely change the way enterprises create software by offering a better way without code.
“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 $500bn wasted annually on custom enterprise code and this funding will accelerate our efforts.”
