Kiwi professional services job tracking platform Projectworks has raised US$5 million (A$7.5m) in a Series A.
The round for the management software startup was led by US investor Bridgewest Group, supported by existing backers, including NZ VC Punakaiki Fund, and the company’s new US-based CEO Mark Orttung.
It values the business at A$90m, and the funds will be used to build a Silicon Valley development team and expand throughout the US and Australasia. The UK is also a key market.
Wellington-based Projectworks was founded in 2019 by Wellington entrepreneurs Julian Clarke, Matthew Hayter and Doug Taylor.
Their professional services automation software ensures service companies run more profitable projects and businesses.
They developed it within their own software services firm. It’s now used by 500 mid-market consultancies globally. The startup’s Australian customers include Kiandra, Bound, Diversus and Ackama.
Hayter, who was CEO and is now President and Chief Product Officer, said it was the right time to change the C-suite as Projectworks relocated its NZ headquarters to the US to meet increased demand in the North American markets. He also expects the Wellington team to expand to support the growth.
“Orttung’s appointment was made after I came to realise we have the product, the team, the market, and the timing to build a truly significant, global software business,” he said.
“We’re incredibly proud of the impact Projectworks has on the lives and businesses of our customers. Mark is at the helm, I’m running product development and management, and we have the resources and team to keep spreading that impact across the global consulting industry.”
San Francisco-based Orttung, previously CEO at software services partner Nexient, took charge of Projectworks in March, having been a board member since January 2023.
“Joining Projectworks was a natural fit. Its founders are innovators who think about problems differently, creating entirely fit-for-purpose solutions,” he said.
“There is a huge opportunity for Projectworks in the US market and this injection of funding will fuel our expansion into the U.S., and meet significant demand in the mid-market services industries we serve.
“The funding will be used for a number of initiatives, including to drive global customer acquisition, increase our investment in R&D, and build out a Silicon Valley-based product and engineering team.
“This will all help create a powerful platform for Projectworks to expand throughout the U.S. and other markets.
Bridgewest founder Dr Masood Tayebi described the growth he’s seen at Projectworks as “extraordinary”.
“They are well positioned in a market that is rapidly evolving, where opportunities are vast,” he said.
“They have a top-notch management team with their sights firmly set on growth and customer success. We are thrilled to have led and completed this Series A round to fuel its strategic expansion into the US.”
Punakaiki Fund partner Nadine Hill said the Projectworks team “has done an incredible job of building momentum” globally from their New Zealand base.
“They embody our distinct preference for teams relentlessly focused on building world-class solutions,” she said.
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