Unqork Isn't Publicly Traded Despite a Net Worth of $2 Billion
Unqork, a no-code software pioneer, was founded in 2017. Although the company isn't publicly traded, it's already worth $2 billion. Does the company have IPO plans?
Jan. 4 2021, Published 12:14 p.m. ET
Even though Unqork was founded in 2017, it has already created a name for itself in the tech world. Without a single line of code, it has built applications for Liberty Mutual, New York City, Goldman Sachs, and more. In 2020, the company was already worth $2 billion.
For New York City, Unqork provided the NYC Covid-19 Engagement Portal within three days, according to a press release. Since then, the two have worked together on other projects to assist with the coronavirus within the first month of the pandemic, according to Forbes.
In comparison, Forbes said that with "traditional enterprise software development," in a month's time a company would only be able to produce the necessary documentation and no coding would begin at that time.
How Unqork works
Instead of using code to build its applications, Unqork says that it relies on a "drag and drop" interface. The company says that this method allows the software it provides to be faster, less complicated, and much easier to learn than previous coding languages.
According to an interview with CNBC's Squawk Box, Unqork founder and CEO Gary Hoberman said that even though we as a society realize how important applications and software are to the world today, the way they are created hasn't changed in years.
"The traditional way, Joe [Kernen], that if you learn today how to create code and what code is for those who don't know, it's basically like learning ancient Greek," said Hoberman. He also said that each year, billions of dollars are spent on technology that he says looks like ancient Greek and isn't working.
Unqork's valuation
At the end of October 2020, Unqork was worth more than $2 billion. A press release in October said that the company secured $207 million in Series C funding, which pushed its value to $2 billion.
A press release from February 2020 said that Unqork secured $131 million in Series B funding led by CapitalG with investors Goldman Sachs, Aquiline Technology Growth, and World Innovation Lab. The funding was in part to support the engineering team and help Unqork expand its reach by hosting events.
Unqork is a private company, stock isn't available
Currently, Unqork is a private company owned by Hoberman. Investors can't buy the stock right now. The latest round of funding ended in October 2020. Even in terms of pre-IPO stock, there isn't any indication that Unqork is going public any time soon.
Unqork's IPO plans in 2021
Although Forbes has a positive view of Unqork's future calling it a "2021 IPO Unicorn," the company doesn't seem to be focused on IPO stock right now. Instead, Unqork is focused on supporting others during the coronavirus pandemic.
The company is rolling out Unqork Forward, which it's calling "digital resistance" for small and medium-sized businesses impacted by the COVID-19 pandemic.
"By working to foster digital resilience, or the sustained ability to mount a robust digital response to evolving business challenges, Forward empowers small business owners to continue to operate seamlessly through pandemic-related disruptions," Unqork said in a blog post.
