Projectworks, a New Zealand-based software company, has announced a successful Series A funding round, raising USD $5 million (NZD $8.2 million). This funding marks a significant milestone for the company, enabling it to accelerate its growth initiatives across New Zealand and the Silicon Valley, while enhancing the value offered to its global customer base.

Company Background

Founded by Julian Clarke, Matthew Hayter, and Doug Taylor within a software services company, Projectworks has rapidly expanded its footprint in New Zealand, Australia, the United States, Canada, and the United Kingdom. The company has garnered recognition for its innovative consulting software solutions, and earlier this year, it ranked 557th on the prestigious 2024 Inc. 5000 list, highlighting the fastest-growing private companies in the U.S.

In March 2024, Projectworks appointed Mark Orttung as its new CEO. Orttung brings a wealth of experience from various leadership roles, including his tenure as President and COO of Bill.com and founder of Nexient. His leadership is expected to drive Projectworks' expansion strategy in the U.S. market.

Investment Details and Future Plans

The recent capital raise was spearheaded by the U.S.-based Bridgewest Group, with additional contributions from Projectworks’ founders, Mark Orttung, Punakaiki Fund, and other stakeholders. The company has achieved a valuation of over NZD $100 million as a result of this funding round.

Dr. Masood Tayebi, Founder and CEO of Bridgewest Group, expressed confidence in Projectworks’ potential for continued success. He emphasized the company’s extraordinary growth and its strategic positioning in a rapidly evolving market. “They have a top-notch management team with their sights firmly set on growth and customer success. We are thrilled to have led and completed this Series A round to fuel its strategic expansion into the U.S.,” Tayebi stated.

Nadine Hill, partner at Punakaiki Fund, underscored her support for Projectworks, commending the team for their relentless focus on building world-class solutions. The support from both local and international investors demonstrates Projectworks’ strong foundation and promising future.

Leadership Insights

In a statement about his new role, CEO Mark Orttung highlighted the unique opportunity Projectworks has in the U.S. market. He stated, “Joining Projectworks was a natural fit. The founders are innovators who think about problems differently, creating entirely fit-for-purpose solutions. This injection of funding will fuel our expansion into the U.S. and meet significant demand in the mid-market services industries we serve.”

Orttung indicated that the funding will be allocated towards global customer acquisition, increasing investment in research and development, and establishing a product and engineering team based in Silicon Valley. These initiatives aim to create a powerful platform that will support Projectworks’ expansion efforts.

Projectworks' founding CEO, Matthew Hayter, who now serves as President and Chief Product Officer, expressed pride in the company's achievements and the direction under Orttung’s leadership. Hayter noted, “We have the product, the team, the market, and the timing to build a truly significant global software business. We are proud of the impact Projectworks has on the lives and businesses of our customers.”

Commitment to Customers

With over 500 customers already using its platform, Projectworks is committed to enhancing its offerings and supporting the needs of its users. The recent capital raise will enable the company to continue developing its consulting platform, making it the ultimate solution for professionals in the field.

“Thank you to our customers and partners for placing your continued trust in Projectworks,” the company stated. “This capital raise is an exciting chapter in our story and enables us to build a future where you, the expert, can spend more time on what matters most.”

Projectworks’ successful $5 million capital raise represents a pivotal moment in its growth trajectory. With strong investor support and a dedicated leadership team, the company is well-positioned to expand its reach into the U.S. and beyond. By investing in research and development, customer acquisition, and team growth, Projectworks is set to continue delivering innovative solutions that drive success for its customers in the consulting industry.

As the company embarks on this exciting journey, it remains focused on building a future that empowers experts worldwide, ensuring that they can concentrate on what truly matters in their professional endeavors.