Cork-based enterprise software company Teamwork has raised $70m (59.2m) in its first round of funding.
The 14-year-old company, co-founded by local web developers Peter Coppinger and Daniel Mackey, is getting the cash from the London-based venture capital firm Bregal Milestone.
The deal does not disclose what Teamworks estimated private capital valuation is.
Teamwork employs 270 people in five countries. It designs and sells software-as-a-service (SaaS) products such as project management, customer support and work communication tools. Competing with multinational tech firms like Atlassian and Zendesk, its products are mainly used by medium to large businesses. It counts entertainment giants such as Disney, Netflix and Spotify as customers.
We have been proud to be bootstrapped and to have built a product that over 20,000 businesses love, but we believe the time is right to take Teamwork to the next level, said chief executive Peter Coppinger.
We have an incredible vision for the platform we are building. We aim to be the best place in the world to run any client-services team. This investment will allow us to achieve that vision faster, attract great staff and invest in faster growth.
Headquartered in Blackpool on the outskirts of Cork City, Teamwork has been eyeing expansion with office plans for a nearby plot of land. It has additional offices in Boston, Belfast, Amsterdam and Barcelona.
Although the company declined to disclose any updated financial figures, it had projected revenues of 21m in 2018 and a company goal of 380m in annual revenue by 2028.
Cofounder Daniel Mackey previously told this newspaper that the company had a consistent growth rate of 40pc per year and has been profitable for several years.
Prior to founding Teamwork, Mr Mackey and Mr Coppinger worked together building websites in Cork from 1998.
Having grown frustrated with overly-complicated software platforms for organising projects, the two decided to build their own. They have not taken external funding until this month.
The two co-founders jointly won Ernst & Youngs Entrepreneur Of The Year Award in 2018.
Bregal Milestone provides growth capital and strategic assistance to support companies in the technology and technology-enabled services sectors. It part of Bregal Investments, a global investment firm that has invested over 15 billion to date.
Peter and Dan are true entrepreneurs and world-class operators having built a comprehensive end-to-end project management solution without any external capital, said Ian Kwok, principal of Bregal Milestone.
Against the backdrop of rapid adoption of remote working and the increased demand for better workforce collaboration, Teamwork is well positioned to continue its successful track record and generate accelerated growth. Our strategic investment will significantly accelerate Teamworks ambition to become the worlds leading project management SaaS platform for client services companies.