Goldman Sachs leads $51 million investment in ‘no-code’ software startup

US startup Unqork looks to help large institutions build complex software and applications, with Goldman Sachs, HSBC and Manulife among its customers.

New York-based no-code software applications startup, Unqork, has raised $51 million in a recent funding round led by Goldman Sachs.

Launched in 2017, the Unqork no-code platform aims to help large financial institutions build complex software and applications at lower costs than conventional methods. Major firms including Goldman Sachs, HSBC, Manulife and Pacific Life have adopted the platform.

The recent $51 million investment was part of Unqork’s series B funding round, which closed having raised a total of $131 million, led by the growth equity investment fund of Google parent company Alphabet, CapitalG. Goldman Sachs is already an investor in the startup after leading a $22 million series A funding round in April last year.

“We can say first-hand 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 sceptical IT leaders into true believers.”

According to a report from ResearchAndMarkets, the global low-code development platform market could grow from $4.32 billion in 2017 to a significant $27.23 billion by 2022. Demand for software automation and applications among larger institutions has increased substantially in recent years, as firms look to develop their own web and mobile applications quickly and at a lower cost.

“No-code in the enterprise has gained massive traction, thanks largely to Unqork’s adoption at the most complex organisations,” added Laela Sturdy, general partner at CapitalG. “This round is further proof that Unqork has the product, team and customer demand to continue to change the economics of enterprise IT.”