NZ start-up Projectworks valued at NZD $100 million

New Zealand start-up Projectworks has reached a valuation of NZD $100 million following a successful USD $5 million Series A funding round.

The company, which provides professional services automation software, plans to accelerate its expansion into the North American market. This follows the appointment of Mark Orttung, a US-based executive, as Chief Executive Officer in March.

The capital raise was led by U.S.-based Bridgewest Group, alongside contributions from new and existing shareholders, including Punakaiki Fund and the company's founders.

Dr Masood Tayebi, Founder and Chief Executive Officer of Bridgewest Group, stated, "The growth that Projectworks has achieved is extraordinary, and we look to continued success. They are well positioned in a rapidly evolving market where opportunities are vast. 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 US."

Mark Orttung, who has an impressive track record in executive roles, expressed his excitement about joining Projectworks. He commented, "Joining Projectworks was a natural fit. Its founders are innovators who think about problems differently, creating entirely fit-for-purpose solutions. There is a huge opportunity for Projectworks in the U.S. market, and 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 also highlighted the company's plans with the new funds. "The funding will be used for a number of initiatives, including to drive global customer acquisition, increase our investment in R&D, and build out a Silicon Valley-based product and engineering team," he said. "This will all help create a powerful platform for Projectworks to expand throughout the U.S. and other markets."

Matthew Hayter, co-founder and former CEO, now serves as President and Chief Product Officer. He expressed his endorsement of Orttung's appointment, saying, "Orttung's appointment was made after I came to realise we have the product, the team, the market, and the timing to build a truly significant, global software business."

Orttung brings a wealth of experience to Projectworks, having previously held leadership roles in companies such as bill.com, Nexient, GetThere, and Genesys. His expertise is expected to bolster the company's efforts to establish a strong presence in North America.

Projectworks' rapid growth has also been recognised through its placement at 557th in the Inc 5000 list, reflecting an approximately 800% increase in revenue over the past three years. The company envisages continued expansion, with North America identified as a key market.

Nadine Hill, a partner at Punakaiki Fund, expressed confidence in Projectworks' trajectory: "Punakaiki Fund is a strong supporter of Projectworks. The team has done an incredible job of building momentum across the globe. They embody our distinct preference for teams relentlessly focused on building world-class solutions."

With its headquarters initially in Wellington, the company plans to expand its local team to support the anticipated growth. Hayter remarked, "We're incredibly proud of the impact Projectworks has on the lives and businesses of our customers. Mark is at the helm, I'm running product development and management, and we have the resources and team to keep spreading that impact across the global consulting industry."

Projectworks' software platform serves over 500 mid-market consultancies worldwide. Its goal is to facilitate more profitable project management for service companies.