Maverick leads $75m round for Hong Kong SaaS player Coherent
Hong Kong-based no-code software-as-a-service (SaaS) provider Coherent has raised a USD 75m Series B round led by Maverick Capital.
GreatPoint Ventures joined the round as a new investor, as did Owl Rock, a division of Blue Owl Capital, a US alternatives manager currently expanding its Hong Kong presence. Existing backers Cathay Innovation and Franklin Templeton re-upped.
It brings total funding to USD 89m, including a Series A raised in November 2020. Since then, Coherent claims to increased recorded annual recurring revenue by more than 10x while its customer base has quadrupled across six continents.
The proceeds will support an ongoing global expansion within the insurance industry and into new industry verticals such as capital markets, banking, and asset management. The company also plans to expand its network of service partners and SaaS partners.
The service partner network currently includes Microsoft Azure, Amazon Web Services, Salesforce, Cognizant, and Capgemini. The client base includes around 60 Fortune 500 insurance companies and banks.
Coherent's key asset is Spark, which automatically convert information in spreadsheets such as rules, formulas, and data models, into application programming interfaces (APIs) that can easily connect to other front- and back-end applications. This reduces manual work for IT teams around programming and testing.
Microsoft Excel remains a ubiquitous business application with more than 750m users and 59% of companies creating spreadsheets to run critical business operations, according to a Forrester report.
The idea behind Spark is that rather than trying to replace these spreadsheets with new tools, it aims to maximize the impact of existing tools and employee expertise while connecting spreadsheets seamlessly to other business applications.
“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,” said John Brisco, CEO and co-founder of Coherent. “With Coherent Spark, coders and non-coders alike can accelerate digital transformation and cloud migration programs.”
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