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Insurtech Startup Raises $80 Million

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Unqork Inc. says it has raised $80 million through a new round of financing.

The New York-based insurtech startup says the lead investor was CapitalG. CapitalG is an arm of Google’s parent company, Alphabet Inc.

(Related: Unqork, an Insurtech Startup, Raises $22 Million)

Unqork develops a system that companies can use to create large-scale corporate software without anyone writing many, if any, lines of software code.

System architects can put software together by choosing from menus of available modules, and dragging, dropping and rearranging the modules, Unqork says.

Gary Hoberman, Unqork’s chief executive officer, was the global chief information officer at MetLife Inc. Unqork started out by marketing its system to life insurers, health insurers and annuity issuers, and it also attracted property and casualty insurers. Liberty Mutual is one of the company’s first customers.

Unqork says it plans to use cash from the new round of funding to court customers in other sectors.

Unqork opened for business in 2017.

The company raised $5.2 million in 2018, from 16 investors, through a “seed stage,” or very early stage, of funding.

The company then raised $22 million through a “Series A” round of financing, or first major round of financing, in April 2019.

The company is calling the new round of financing a “Series B” round.

The company said in April that it had about 50 full-time employees.

The company says it now has about 150 employees and is leasing 40,000 square feet of office space in New York.

A commercial mortgage pool prospectus filed with the U.S. Securities and Exchange Commission in September shows that Unqork has a 10-year lease and is paying an $88-per-square-foot annual base rent, or about $3.4 million in rent per year.

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