Projectworks has reportedly completed a Series A $5 million capital raise.
This investment enables them to accelerate the growth of their team across New Zealand and the Silicon Valley to drive more value for Projectworks customers.
Projectworks is professional services automation software that connects with your ecosystem and gives you time back to “focus on the real work that drives your success.”
Projectworks was founded within a software services firm in New Zealand by Julian Clarke, Matthew Hayter, and Doug Taylor.
They have been expanding throughout New Zealand, Australia, the United States, Canada and the United Kingdom.
They appointed their US-based CEO, Mark Orttung, who brings the experience gains from running a consulting firm.
In this funding round they raised USD $5 million / NZD $8.2 million at a valuation of more than NZD $100 million.
The raise was led by Bridgewest Group, with contributions from Mark Orttung, Punakaiki Fund, Projectworks’ founders and other shareholders.
Dr. Masood Tayebi, Founder and Chief Executive Officer of Bridgewest Group, said that the growth that Projectworks has achieved is solid, and they look to continued success.
He added that they are positioned in a market that is evolving, where opportunities are vast.
He also noted that they have a management team with their sights firmly set on growth and customer success.
Projectworks attracted strong investor support from within New Zealand.
After assuming the role of CEO in March, Mark Orttung has hit the ground running.
He brings significant knowledge and experience, having held senior executive positions in many companies. His track record includes serving as President and Chief Operating Officer of Bill.com (now listed on the NYSE), founder and CEO of Nexient (acquired by NTT Data in 2021) and key roles in GetThere and Genesys, both of which went public through IPOs.
Mark said that the funding will be used for a number of initiatives, including to drive global customer acquisition, increase their investment in R&D, and build out a Silicon Valley-based product and engineering team.
This capital raise is a positive development and enables them to continue developing Projectworks to be a good consulting platform.
They over 500 customers across the globe using their software.
