Unqork Announces Series A Funding Round of $22 Million
Investment is Led by Goldman Sachs Principal Strategic Investments • Proceeds Will be Used to Fuel Company Growth and Invest in Self-Service
NEW YORK, April 17, 2019 -- Unqork, an enterprise software company with a transformational no-code platform for financial services and insurance organizations, today announced it has secured $22 million in a Series A investment round led by Goldman Sachs Principal Strategic Investments (PSI). Other investors included all original seed round investors and Broadridge Financial Solutions, a global fintech leader. The proceeds will be used to accelerate business growth and invest in capabilities that further solidify Unqork's leading position in the no-code space.
Seventeen global financial institutions including leading insurance carriers, banks and asset managers use Unqork's no-code platform to digitize the entire client lifecycle. Unqork is one of the fastest-growing technology companies, with 50 full-time employees hired since its founding in 2017 and more than 50 percent sequential revenue growth in every quarter of 2018.
"Unqork has experienced rapid growth over the last two years as our no-code platform helps financial institutions and insurers focus on their competitive advantage rather than building hard-coded, legacy systems of the future," said Gary Hoberman, CEO, Unqork. "We look forward to using this investment to respond to growing client demand to advance the self-service capability of our platform and enhance our training capacity for clients and partners."
"The evolving nature of the financial services and insurance industries requires a fundamental change to how we structure and operate workflows, and Unqork is at the forefront of disrupting exactly that," said Rana Yared, Managing Director, Goldman Sachs Principal Strategic Investments. "Unqork's strong growth reinforces our belief in their mission to digitize the client lifecycle, and we're excited to see what's next for the team."
Founded in April 2017 and located in New York City's "Silicon Alley," Unqork facilitates the digital transformation of leading financial services and insurance companies. Unqork has also established a robust partner network with leading cloud providers and consulting firms. The platform's drag-and-drop interface enables business analysts to develop enterprise applications without writing a line of code, allowing IT professionals to focus on developing the core technology platforms that truly differentiate their business.
Unqork is a no-code, software-as-a-service (SaaS) platform that digitizes the entire client lifecycle and enables financial services and insurance companies to bring complex, regulated products to market without writing a single line of code. The company's patent-pending technology includes advanced calculations, decisions, UI design and workflow for risk assessment and digitization layered on top of legacy IT systems. The technology creates custom client onboarding and servicing applications using a drag-and-drop interface which can be implemented within weeks – unlike most traditional, coded software development builds. The result is an easy to use and streamlined customer experience that eliminates errors, accelerating sales and business growth. Unqork works with financial services organizations spanning broker dealers, asset management, wealth management and banks as well as insurers across life and health, property and casualty, and specialty insurance. To learn more, please visit: https://unqork.com.
About Goldman Sachs Principal Strategic Investments
The Goldman Sachs Principal Strategic Investments (PSI) group seeks to make long-term strategic investments in fast growing technology companies. The global team of investment professionals is deeply connected across Goldman Sachs' Securities Division as well as Technology and Operations groups. The PSI group's investments focus on market infrastructure, financial technology and enterprise technology companies, and often engage in a strategic relationship that may include joint product development, IP licensing arrangements, service provision arrangements and market participation agreements.