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Total amount raised
$365M
Latest funding date
2020-10-06
Location
Unqork has successfully raised significant funding through five rounds, with the most recent being a Series C round led by BlackRock. The platform is designed to eliminate tech debt and accelerate modernization through its AI-first enterprise application development capabilities.
What Is Unqork?
Unqork is a no-code enterprise application platform that helps companies build, deploy, and manage complex applications. Founded in New York, New York, the company operates in various sectors including enterprise applications, financial services, FinTech, productivity tools, SaaS, and software.
With a workforce of 251-500 employees, Unqork is dedicated to eliminating technical debt and accelerating modernization through AI-powered solutions. The platform is trusted by top enterprises and is used across regulated industries such as financial services, insurance, healthcare, and government.
How Much Funding Has Unqork Raised?
- Seed Round
- Amount Raised: USD 5,169,951
- Date: March 2018
- Lead Investors: Summerfield Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and launch of Unqork's no-code platform.
- Series A
- Amount Raised: USD 22,000,000
- Date: April 2019
- Lead Investors: Goldman Sachs Principal Strategic Investments (PSI)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel company growth and invest in self-service capabilities for the platform.
- Series B
- Amount Raised: USD 80,000,000
- Date: October 2019
- Lead Investors: CapitalG (Alphabet's growth equity fund)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand sales and marketing efforts and invest in the engineering team.
- Series B Extension
- Amount Raised: USD 51,000,000
- Date: February 2020
- Lead Investors: CapitalG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To finalize the $131M Series B and accelerate go-to-market and global expansion.
- Series C
- Amount Raised: USD 207,000,000
- Date: October 6, 2020
- Lead Investors: BlackRock
- Valuation at Round: $2 billion (post-money)
- Motivation Behind the Round: To grow the salesforce, invest in technology, and expand training for the Unqork ecosystem. New investors included Eldridge, Fin Venture Capital, Hewlett Packard Enterprise, Schonfeld Strategic Advisors, and Sunley House Capital Management. Existing investors CapitalG, Goldman Sachs, Broadridge Financial Solutions, Aquiline Technology Growth, and World Innovation Lab also participated.
Total Amount Raised: USD 365,169,951 (across all disclosed rounds). Current Valuation: $2 billion (as of October 2020).
Key Investors
- BlackRock
- Details: BlackRock is a global investment management corporation known for managing large-scale funds and accounts. It served as lead investor in Unqork's Series C funding round and also participated in the Series B.
- Investment Focus Areas: Technology, financial services, healthcare.
- Notable Investments: Apple, Microsoft, Alphabet.
- CapitalG
- Details: CapitalG is the growth equity investment fund of Alphabet, Google's parent company. It led Unqork's Series B and Series B Extension funding rounds and continued participation through the Series C.
- Investment Focus Areas: Growth-stage technology companies, financial services, healthcare.
- Notable Investments: Airbnb, Stripe, Lyft.
- Goldman Sachs Principal Strategic Investments
- Details: Goldman Sachs Principal Strategic Investments (PSI) is the strategic investment arm of Goldman Sachs. It led Unqork's Series A funding round and participated in the Series B Extension and Series C.
- Investment Focus Areas: Technology, financial services, healthcare.
- Notable Investments: Uber, Spotify, WeWork.
- Summerfield Capital Management
- Details: Summerfield Capital Management is a private investment firm. It was a lead investor in Unqork's seed funding round.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Aquiline Technology Growth
- Details: Aquiline Technology Growth is a venture capital firm that invests in early and growth-stage technology companies. It joined as a new investor in Unqork's Series B Extension and continued participation in the Series C.
- Investment Focus Areas: Technology, financial services, insurance.
- Notable Investments: Virtus Partners, RIA in a Box, ClearCourse.
What's Next for Unqork?
Unqork stands at the cusp of significant growth opportunities, driven by the increasing demand for no-code platforms in enterprise IT. The company plans to expand its sales and marketing teams, invest in engineering, and roll out partnerships with major firms. This expansion is bolstered by the growing market for no-code solutions, which is expected to reach $27.23 billion by 2022.
Future fundraising opportunities appear promising, given the strong investor interest and the company's rapid growth. Unqork's successful Series B round, led by CapitalG, and the involvement of high-profile investors like Goldman Sachs, indicate potential for additional funding rounds to support further expansion and innovation.
However, Unqork may face challenges such as competition from established players like Microsoft and Salesforce, and the need to maintain high-quality standards while scaling operations. Navigating these challenges will be crucial for Unqork as it continues to grow and solidify its position in the market.
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