No-code application platform provider Unqork has announced the close of a $51 million (£39.6m) series B funding round to further its mission of providing high-quality software for large enterprises at low cost.
The round was put together by existing investor Goldman Sachs, as well as new investors Aquiline Technology Growth and World Innovation Lab, and is part of a wider $131m (£101.7m) round of funding led by Alphabet investment fund CapitalG.
The money will be used to grow Unqork's sales and marketing teams across the US and globally, invest in engineering and training, as well as establish greater partnerships. Current customers include Liberty Mutual, John Hancock, and Manulife.
"No-code in the enterprise has gained massive traction, thanks largely to Unqork's adoption at the most complex organisations," said Laela Sturdy, general partner at CapitalG in a statement. "This round is further proof that Unqork has the product, team and customer demand to continue to change the economics of enterprise IT."
Speaking to this publication last month, Chris Obdam, CEO of Betty Blocks, another low- and no-code development platform, noted the importance of governance when it comes to such deployments. Naturally, the finance industry is an area where security is especially important.
"There is tons of no-code tooling out there, which helps you to build your app, but if you don't do that in a governed and controlled way, you're just introducing more shadow IT and more problems," said Obdam. "Right now, an IT department says no. We say turn that story around; say yes to your organisation, but ask for help, and provide guidelines and guardrails."
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