Goldman Plows More Funding Into No-Code Software Startup

(Bloomberg) -- Unqork, a New York-based software company, raised an additional $51 million from backers including Goldman Sachs Group Inc. to accelerate a global expansion and move into new industries beyond insurance and financial services.

The two-year-old startup is an application platform that doesn’t require any coding, allowing big companies, such as Liberty Mutual, John Hancock Life Insurance Co. and Manulife Financial Corp., to create custom software quicker and cheaper than the traditional way. Unqork’s no-code app platform allows developers to build visually, by dragging and dropping components on the screen.

“Anything a Java developer or engineer can build using custom code, we can do it 200 times faster,” said Gary Hoberman, founder and chief executive officer, in an interview.

The latest cash infusion from Goldman, and new investors Aquiline and World Innovation Lab, adds to the $80 million Unqork raised in October, led by CapitalG, Alphabet Inc’s growth equity investment fund. That brings the total raised in the latest funding round to $131 million. Unqork has raised $158 million to date.

The cash influx will help the company expand its sales and marketing teams in the U.S. and abroad and develop partnerships with service firms like Cognizant Technology Solutions Corp., Deloitte LLP and KPMG LLP.

(Updates with total funds raised in penultimate paragraph.)

To contact the reporter on this story: Nikitha Sattiraju in New York at nsattiraju@bloomberg.net

To contact the editors responsible for this story: Molly Schuetz at mschuetz9@bloomberg.net, Andrew Pollack

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