NZ-founded start-up Projectworks hits NZ$100m valuation in US$5 million Series A funding round

New Zealand-founded startup Projectworks is turbocharging its North American expansion after a successful USD$5 million (NZD$8.2 million) Series A capital raise and the appointment of a US-based chief executive Mark Orttung.

The latest round, which includes both existing and some new shareholders, values the company at NZ$100m – a stunning achievement in just five years. The management software company has experienced explosive growth since being founded in 2019 by Wellington entrepreneurs Julian Clarke, Matthew Hayter and Doug Taylor.

Projectworks’ capital raise was led by U.S.-based Bridgewest Group, with contributions from Orttung and existing shareholders including local venture capital firm Punakaiki Fund and the founders.

Dr. Masood Tayebi, Founder and Chief Executive Officer of Bridgewest Group said, “The growth that Projectworks has achieved is extraordinary and we look to continued success. They are well positioned in a market that is rapidly evolving, 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.”

New CEO for U.S. growth

New CEO Mark Orttung joined Projectworks in March and says he came on board after being impressed with the founders and the company’s ambition.

“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 US 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.

“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.

“This will all help create a powerful platform for Projectworks to expand throughout the U.S. and other markets. 

Hayter, former CEO and now President and Chief Product Officer, says, “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 is well qualified, having held senior executive positions in many successful companies. His track record includes President and Chief Operating Officer of bill.com (now listed on the NYSE), founder and CEO of Nexient, one of America’s largest cloud-based services businesses (acquired by NTT Data in 2021) and leadership roles in GetThere and Genesys, both of which went to IPO.

Kiwi built

Projectworks’ exceptional performance won it 557th place in this year’s coveted Inc 5000 list, due to the company’s ~800% revenue growth within three years. Projectworks expects its growth to continue, with North America as its key future market.

The Wellington-founded company attracted strong investor support early, including Bridgewest Group and local VC, Punakaiki Fund. 

Nadine Hill, partner at Punakaiki Fund, says: "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.”

Hayter, who remains in New Zealand, expects the Wellington team to expand to support the growth.

“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, which offers intuitive, innovative professional services automation software, is known for delivering fit-for-purpose solutions for service companies. It now provides over 500 mid-market consultancies around the world with a complete, easy-to-use platform that allows them to run more profitable projects and businesses.