Coherent, a global no-code software-as-a-service (SaaS) provider with a Tampa HQ, has closed a $75 million Series B.
The company announced the close of the round Wednesday. With the $75 million, it brings Coherent’s total funding to $89 million.
The Series B funding round was led by Maverick Capital, including Maverick Ventures, with participation from Owl Rock, a Blue Owl division, GreatPoint Ventures and existing investors Cathay Innovation and Franklin Templeton, according to the company’s news release.
The new funding will put Coherent on an even more significant fast track. Since launching its Series A round in 2020, the company, which has a global HQ in Hong Kong, has quadrupled its customer base and is experiencing recurring revenue that has grown by a factor of 10.
The new $75 million will support the continued expansion of Coherent across the global insurance industry and capitalize on the momentum in new industry verticals, such as capital markets, banking and asset management.
“The investment also will allow the company to meet the increasing demand by fueling the growth of product, engineering, and sales teams in the U.S. and Asia-Pacific regions, onboarding additional services partners, and deploying out-of-box connectors with leading enterprise and SaaS solutions,” the release read.
Coherent credits its success to its core technology product, Spark, a no-code SaaS platform that makes building business software as fast and cost-effective as using Excel. Users can create the first API (Application Programming Interface) from their existing Excel models and make it available on the Cloud to connect with any application.
“Coherent Spark bridges the gap between the fast deployment of business applications and the familiarity of using spreadsheets, and Coherent is uniquely positioned to enable enterprises to accelerate their digital transformation and drive quicker time to value,” Albert Koh, Investor at Owl Rock, said in the news release.
Coherent works with Microsoft Azure, Amazon Web Services, Salesforce, Cognizant, Capgemini, Capco and Synpulse.
“Thriving in today’s digital economy requires re-imagining the process of building business software by empowering existing employees with tools they know, instead of replacing or retraining them as programmers,” Coherent CEO and Co-founder John Brisco said in a release. “With Coherent Spark, coders and non-coders alike can accelerate digital transformation and cloud migration programs. Customers have slashed their time to market to days instead of months – realizing immediate return-on-investment, and most importantly, the ability to respond faster to their customers.”