CapitalG, the growth equity arm of internet and technology conglomerate Alphabet, led a $51m extension to US-based application software developer Unqork’s series B round yesterday, expanding it to $131m.
Investment banking firm Goldman Sachs and venture capital firms Aquiline Technology Growth and World Innovation Lab also contributed to the extension.
Unqork has created a software platform that utilises a drag-and-drop interface to enable users to rapidly create applications without needing to write code. It customers include Goldman Sachs itself as well as Liberty Mutual, John Hancock and HSBC.
The funding will go to growing the company’s engineering, sales and marketing teams while increasing its partnerships and hosting live events intended to expand its user base.
CapitalG co-led the round’s $80m first close in October 2019 with unnamed existing backers. The tranche also featured funds and accounts managed by investment management firm BlackRock.
The round took Unqork’s overall funding to $161m since it was founded in 2017, including $5.2m from unnamed investors in early 2018 according to a securities filing.
Goldman Sachs’ Principal Strategic Investments unit led the company’s $22m series A round in April 2019, which included financial analytics software provider Broadbridge and existing investors Summerfield Capital Management, Blue Seed Collective and Bradford Brown Capital Partners.
CapitalG general partner Laela Sturdy said: “No-code in the enterprise has gained massive traction, thanks largely to Unqork’s adoption at the most complex organisations. This round is further proof that Unqork has the product, team and customer demand to continue to change the economics of enterprise IT.”
