Hong Kong SaaS firm files in $75m in series B

Hong Kong-based Coherent, a no-code SaaS firm, has raised US$75 million in a series B round led by Maverick Capital, with GreatPoint Ventures and Owl Rock participating.

Coherent co-founder and CEO John Brisco / Photo credit: Coherent

Coherent offers Spark, a service that converts spreadsheets into APIs for software building. The feature recognizes business logic like rules, formulas, and data models, which frees up time spent by IT teams on specification writing, programming, testing, and iterating.

Around 59% of firms use more than 1,000 spreadsheets for their operations and decision-making, according to a Forrester report.

The company counts over 60 Fortune 500 global insurance companies and banks as its users. It also said that it has grown its annual revenue by 10x since its US$14 million series A raise in 2020. It has operations in Hong Kong, Singapore, Japan, Thailand, the Philippines, and China.

Coherent’s latest raise will support talent acquisition for its product, engineering, and sales teams in the US and Asia Pacific. It also plans to get additional services partners on board and deploy out-of-box connectors with leading enterprise and SaaS solutions.

“With Coherent Spark, coders and non-coders alike can accelerate digital transformation and cloud migration programs,” said John Brisco, CEO of Coherent. He co-founded the firm in 2018.

See also: Singapore may be approaching a golden age for SaaS startups

Other investors in the round include:

• Cathay Innovation
• Franklin Templeton