Cork tech firm Teamwork raises $ 70million in venture capital fundraiser
Cork-based enterprise software company Teamwork raised $ 70 million (â¬ 59.2 million) in its first fundraiser.
he 14-year-old company, co-founded by local web developers Peter Coppinger and Daniel Mackey, receives money from London-based venture capital firm Bregal Milestone.
The deal does not reveal the estimated value of Teamwork’s private capital.
Teamwork employs 270 people in five countries. It designs and sells software as a service (SaaS) products such as project management, customer support and business communication tools. Competing with multinational technology companies like Atlassian and Zendesk, its products are mainly used by medium and large enterprises. His clients include entertainment giants such as Disney, Netflix and Spotify.
“We are proud to have been initiated and to have built a product that over 20,000 companies love, but we believe the time has come to take teamwork to the next level,” said the Managing Director Peter Coppinger.
âWe have an incredible vision for the platform that we are building. We aim to be the best place in the world to lead a customer service team. This investment will allow us to realize this vision faster, attract quality people and invest in faster growth.
Based in Blackpool, on the outskirts of Cork City, Teamwork is considering expansion with office plans for land nearby. It has additional offices in Boston, Belfast, Amsterdam and Barcelona.
Although the company declined to disclose updated financial figures, it had forecasted revenue of â¬ 21 million in 2018 and a target of â¬ 380 million in annual revenue by 2028.
Co-founder Daniel Mackey previously told this newspaper that the company has a constant growth rate of 40% per year and has been profitable for several years.
Prior to founding Teamwork, Mr. Mackey and Mr. Coppinger worked together on building websites in Cork from 1998.
Becoming frustrated with software platforms that were too complicated for project organization, the two decided to create their own. They haven’t taken any external funding until this month.
The two co-founders jointly won the Ernst & Young Entrepreneur of the Year award in 2018.
Bregal Milestone provides “growth capital and strategic assistance” to support companies in the technology and technology-driven services industries. It is part of Bregal Investments, a global investment firm that has invested over â¬ 15 billion to date.
âPeter and Dan are true world-class entrepreneurs and operators who have built a complete end-to-end project management solution without any external capital,â said Ian Kwok, director of Bregal Milestone.
âIn the context of the rapid adoption of remote working and the increased demand for better workforce collaboration, Teamwork is well positioned to continue its successes and generate accelerated growth. Our strategic investment will dramatically accelerate Teamwork’s ambition to become the world’s leading SaaS project management platform for customer service companies.