Kiwi firm raises $3.5m in funding to support expansion
- 23 June, 2014 09:52
Auckland-based Projectmanager.com, a provider of project management software, has raised $3.5 million in Series A funding to support the company's momentum and expansion into the United States, where 80 per cent of its user base currently resides.
The round is marked by the addition of a board of directors, including Guy Haddleton, co-founder of San Francisco-based Anaplan, Herb Hunt, former IBM executive and director of Wynyard Group, and Graham Shaw, director of Xero.
"Even at this early stage, ProjectManager.com is leading the pack in the B2B market, uniquely offering social, video, mobile and content in one easy-to-use project management platform," said Jason Westland, CEO, ProjectManager.com. "With this round of funding, we can expand our platform to take the enterprise market by storm."
The round was managed and led by NZ’s Zeus Management.
"This funding was provided by international investors associated with Zeus Management who have had significant prior investments in the IT industry, including in such companies as Orion Healthcare, Navman, Wynyard and Revera," said Andrew Clements, chairman, Orion Health and director at Zeus Management.
"We are excited by the opportunity ProjectManager.com has in the U.S. marketplace. With a fast revenue growth rate, a proven platform and an impressive customer base, it's destined for greatness."
According to a statement from the firm, it has enjoyed 85 per cent year-on-year growth in the last three years, with a software solution that is available with social, video and mobile content built-in to enable collaboration while managing projects. The firm counts around 15,000 users globally, with around 150,000 people using its mobile app.