New Zealand-based Projectworks, a professional services automation startup, has successfully raised $12 million in Series A funding. This investment round was led by Ten Coves Capital, with participation from existing investors Bridgewest Group and Punakaiki Fund Ltd. The funding will be used to expand Projectworks' product development, go-to-market strategies, and customer success teams, with a particular focus on integrating generative AI tools into its platform.
Projectworks offers a cloud-based platform designed to streamline project management for consulting firms, architects, engineers, and software teams. The platform integrates key functions like time tracking, invoicing, and resource planning, aiming to reduce administrative overhead and improve project efficiency. Its features include real-time project intelligence and forecasting tools to help firms proactively manage projects and resources.
The company has experienced significant growth since its launch in 2019, boasting a 140% compound annual revenue growth rate and a customer base exceeding 600 companies across 50 countries. This funding round will fuel Projectworks' continued expansion into North America, the U.K., and other global markets, solidifying its position as a leader in project automation.
The addition of Steve Piaker from Ten Coves Capital to Projectworks' board further strengthens the company's leadership and strategic direction. This investment signifies strong confidence in Projectworks' innovative platform and its potential to disrupt the project management landscape.
