Irish software company Teamwork has secured a $ 70 million (€ 59.1 million) investment from Bregal Milestone to fund its growth.
This is the first time that the Cork-based company has received external funding from investors who have successfully boosted its success.
Founded in 2007 by Daniel Mackey and Peter Coppinger, Teamwork is a software as a service (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 in 170 countries. Teamwork employs 270 people and its founders were named winners of the EY Entrepreneur of the Year award in 2019.
“We couldn’t be more excited to work with the fantastic team at Bregal Milestone to accelerate our growth and deliver on our strategic vision,” said Mr. Coppinger, Managing Director of the company.
“We are delighted 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,” added Daniel Mackey, its co-founder. and Chief Technology Officer of Teamwork.
London-based Bregal, which closed a pan-European investment fund of 400 million euros in July 2018, typically invests between 20 and 60 million euros in high-growth companies. This is Bregal Milestone’s second Irish investment after previously supporting IT consultancy and managed services firm Arkphire with a multi-million euro investment in 2018.
“World class operators”
“Peter and Dan are true world class entrepreneurs and operators having built a complete end-to-end project management solution without any external capital. Against the backdrop of the rapid adoption of remote working and the increased demand for better workforce collaboration, said Ian Kwok, director of Bregal Milestone.
“Teamwork is well placed to continue its momentum 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, ”he added.
Bregal Milestone is part of Bregal Investments, which has invested over € 15 billion to date.
Teamwork saw a 20% increase in revenue to $ 26.7 million (€ 22.5 million) in 2019, while losses widened to $ 1.1 million due to increased investments during the year.
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