Irish software company Teamwork has secured $70 million (€59.1 million) in investment form Bregal Milestone to fund further growth.
This marks the first time the Cork-headquartered company has received any external funding from investors having boostrapped its way to success.
Founded in 2007 by Daniel Mackey and Peter Coppinger, Teamwork is a software-as-a-services (SaaS) company whose clients include Disney, Netflix, Paypal, HP, Panasonic and Spotify.
The company, which creates business management applications, currently has more than 20,000 paying customers across 170 countries. Teamwork employs 270 people and its founders were named as EY Entrepreneur of the Year award winners in 2019.
“We couldn’t be more excited to work with the fantastic team at Bregal Milestone to accelerate our growth and bring our strategic vision to fruition,” said Mr Coppinger, the company’s chief executive.
“We’re excited to use Bregal Milestone’s investment to fuel growth and innovation on our platform while remaining focused on creating the best possible experience for our customers,” his fellow co-founder and Teamwork chief technology officer Daniel Mackey added.
London-based Bregal, which closed a €400 million pan-European investment fund in July 2018, typically invests between €20 million to €60 million in high-growth companies. This marks Bregal Milestone's second Irish investment after it previously backed IT consulting and managed services company Arkphire with a multimillion euro investment in 2018.
"Peter and Dan are true entrepreneurs and world-class operators having built a comprehensive end-to-end project management solution without any external capital. Against the backdrop of rapid adoption of remote working and the increased demand for better workforce collaboration, said Ian Kwok, principal of Bregal Milestone.
“Teamwork is well positioned to continue its successful track record and generate accelerated growth. Our strategic investment will significantly accelerate Teamwork’s ambition to become the world’s leading project management SaaS platform for client services companies,” he added.
Bregal Milestone is part of Bregal Investments, which has invested over €15 billion to date.
Teamwork recorded a 20 per cent rise in revenues to $26.7 million (€22.5 million) in 2019 as losses widened to $1.1 million due to increased investment over the year.