Coherent, a Tampa, Florida-based global no-code software-as-a-service (SaaS) provider, announced that it closed a $75 million Series B funding.
The 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.
This round, which brings Coherent’s total funding to $89 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 the 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.
Company: Coherent Capital Advisors Limited
Raised: $75.0M
Round: Series B
Funding Month: April 2022
Lead Investors: Maverick Capital and Maverick Ventures
Additional Investors: Owl Rock, a Blue Owl division, GreatPoint Ventures, Cathay Innovation, and Franklin Templeton
Company Website: https://coherent.global/
Software Category: no-code SaaS platform
About the Company: Coherent is a global software-as-a-service (SaaS) company redefining how business and IT teams build software together. Most companies run critical business operations on hundreds of spreadsheets. Additionally, they spend billions globally on IT budgets to recode the business logic inside spreadsheets to add connectivity to other applications, auditability, and cloud scalability. Coherent’s core technology, Spark, is a no-code SaaS platform that makes building business software as fast, approachable, and cost-effective as using Excel. Create the first API (Application Programming Interface) from your existing Excel rules, formulas, and data models in minutes and make it available on the cloud to connect with any modern application. Then supercharge them by adding deep versioning control, automated testing, and parallel simulation capabilities. More than 60 Fortune 500 global insurance companies and banks have already realized significant benefits from Coherent solutions. Furthermore, Coherent continues to amplify its impact with a growing technology and services partner network including Microsoft Azure, Amazon Web Services, Salesforce, Cognizant, Capgemini, Capco, and Synpulse amongst others.
Source: https://coherent.global/2022/04/27/coherent-raises-75-million-series-b-led-by-maverick-capital-to-ignite-business-software-development-for-the-hybrid-work-era/