Unqork Grows Recurring Revenue By Triple Digits

Unqork, a no-code application platform for large enterprises, has closed $51 million in additional funding for its Series B round from existing investor Goldman Sachs, along with participation from new investors Aquiline Technology Growth and World Innovation Lab (WiL).

This latest round closes a larger $131 million Series B led by CapitalG, the growth equity investment fund of Alphabet. Unqork will use the infusion to boost the number of credentialed Unqork Creators this year, with plans to grow the company's sales, marketing, and engineering teams; as well as train and launch new partnerships with services firms and systems integrators. The company will also host live events, including No-code on Tour and Unqork Live, its first user conference, on May 6th in New York City.

Become a Subscriber

Please purchase a subscription to continue reading this article.

Subscribe Now

Goldman Sachs led a $22 billion Series A investment round for Unqork last year.

"We can say firsthand that Unqork is changing the way the financial services industry thinks about enterprise technology and how it gets built," said Sarah Shenton, Vice President in the Merchant Banking Division at Goldman Sachs. "Time and time again we see the power of the Unqork platform turn skeptical IT leaders into true believers."

Launched in 2017, Unqork revealed back in August that its annual recurring revenue has grown at a triple-digit rate over the past 12 months due to new customer acquisition, as well as ARR expansion within its existing customer base. The company also saw a boost in system integration and implementation partnerships.

In addition, Unqork published a new training curriculum and now has delivered more than 10,000 hours of training across more than 500 customers on its platform, and published a new training curriculum that has delivered more than 10,000 hours of training across more than 500 customers on its platform. Unqork has worked with such companies as Liberty Mutual, John Hancock and Manulife, as well as recent additions HSBC, Pacific Life, and Maimonides Medical Center.

Unqork has also been on a hiring spree, bringing on Ted Ranft, former executive at VMware, as Chief Revenue Officer, Sumit Malhotra, former head of asset and wealth management at KPMG, as Head of Asset and Wealth Management, and Cas Holloway, former Bloomberg executive and deputy mayor of New York, as Unqork's Head of Public Enterprise.