Insurtech start-up Unqork has raised $80m in a Series B financing round led by CapitalG, the growth equity investment fund of Google holding company Alphabet.
Besides CapitalG, the funding round was also joined by the company’s existing investors as well as new investors including BlackRock.
Established in 2017, Unqork provides a no-code enterprise application development platform, which pools the ease of a no-code interface with the functionality and power of enterprise-grade software.
A number of financial services organisation such as John Hancock, Goldman Sachs, Careerwise, and Liberty Mutual are leveraging Unqork’s drag-and-drop interface to build industrial strength applications faster.
Unqork intends to use the proceeds to expand operations into new markets and additional verticals. The money will also be used bolsters engineering team, the company said.
With the closing of the latest funding round, Unqork has raised more than $110m in funding so far.
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Unqork CEO Gary Hoberman said: “We’re ecstatic to have CapitalG help power Unqork’s momentum for continued growth.
“By building on our proven financial services and insurance successes, the additional funding will allow us to help deliver more of the best enterprise no-code technology and enable fully functional application development for top companies all over the world.”
Liberty Mutual, which is an early adopter of Unqork, has internally invested in the platform and trained teams of creators to build applications in Unqork.
Liberty Mutual executive vice president and CIO James McGlennon said: “Property and casualty insurance (P&C) is a complex web of regulations, regional variations, and constantly changing rules and dynamics.
“We were the first to recognise Unqork’s unique ability to address this complexity and have since trained 50 employees to build and manage applications.”