MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Wrike, the work management platform for high-performance teams, today announced that it has raised a $15 million Series B round of financing to expand the development of its platform following the explosive growth of its enterprise product.
Scale Venture Partners (ScaleVP) led the round, joined by DCM Ventures with participation from previous investor Bain Capital Ventures. The company also announced that ScaleVP Partner Rory O’Driscoll has joined Wrike’s Board of Directors.
Wrike’s unique ability to manage complex digital work with ease is driving its expansive growth, which has accelerated since the launch of enterprise offering in 2013:
- Enterprise revenues are growing at a rate of 20% month-over-month.
- The company is now adding over $1.5M in new annualized recurring revenue every month.
- More than one million people have used Wrike and it now has over 8,000 paid customers.
The demand for collaboration tools is skyrocketing as companies look for ways to maintain employee productivity in an atmosphere of fast-paced, expanding digital work. Wrike is focused on mapping its technology closely to the changing needs of teams in today's workplace.
The company’s unprecedented approach to customization is helping it gain strong traction among marketing teams, professional services and tech companies. These industries require a level of flexibility that has not been addressed well by large-scale enterprise IT. Wrike’s enterprise product is unique in its space as it allows businesses to both integrate their individual data and map their specific processes into the platform.
Wrike bridges a gap in the enterprise
“At a time of huge digital transformation in the workplace, our customers were stuck with a choice between overly complex enterprise IT solutions that were impractical, or overly simple tools and apps that don’t scale,” said CEO and Founder Andrew Filev. “Our goal was to bridge that gap with our enterprise product and focus on smoothly integrated, scalable customization. Now each customer can easily configure Wrike to support their unique business goals.”
The new round of funding will be used to expand globally and invest in product development. In the last year, Wrike has added 100 new positions and recently surpassed its 200th employee. The company plans to hire 150 more employees in the next 12-18 months.
Added Filev: “We are thrilled to have the support and expertise of Scale VP as we enter this next stage of growth. Rory brings tremendous experience in building some of today’s most successful SaaS enterprise companies and will be an instrumental partner as we continue to build the most valuable products for our customers."
“Wrike has created a platform that clearly addresses the complex needs of the enterprise. It is simple and lightweight enough for individual users to easily adopt, yet powerful and scalable enough to manage a 500-person team across myriads of tasks and departments,” said Rory O’Driscoll, Partner, Scale VP. "We were impressed with the revenue acceleration over the last year as they added new enterprise products, and in particular, in the strong level of expansion among current customers who find immense value in the product. Wrike has the ability to become the category leader in modern work management platforms.”
Founded in 2007 and headquartered in Mountain View, Wrike is a SaaS based work platform with over 8,000 organizations using its paid product. It has raised a total of $26 million from Bain Capital Ventures, Scale Venture Partners, DCM Ventures and TMT. Wrike has been translated into ten languages and is sold in 120 countries. Awarded Cool Vendor status by Gartner in 2014, Wrike was named as one of the Best Places to Work by San Francisco Business Times/Silicon Valley Business Journal and one of the Top 100 Workplaces by the Bay Area News Group in 2015.
Scale Venture Partners
Scale Venture Partners invests in technology companies with a focus on SaaS and Cloud Infrastructure. We partner with entrepreneurs, from their first dollar in revenue and invest aggressively to accelerate growth. ScaleVP has $1B in assets under management and is investing its fourth fund. Representative investments include: Agari, Box (BOX), BrightRoll, Crittercism, DataStax, Demandbase, DocuSign, ExactTarget (ET), HubSpot (HUBS), PubNub and Wrike.
ScaleVP is located in Silicon Valley and invests nationwide. For more information, visit www.scalevp.com or follow us on Twitter at @scalevp or LinkedIn at www.linkedin.com/company/scale-venture-partners.
Bain Capital Ventures
Bain Capital Ventures (BCV) provides seed through growth capital for companies focused on technology and technology-enabled services primarily for enterprise customers. BCV invests across sectors including infrastructure software, application software, FinTech and healthcare. Select BCV investments include ABILITY Network, BloomReach, Gainsight, Kiva Systems, Liazon, Optimizely, Rapid7, SolarWinds, SurveyMonkey and VMTurbo. As the venture capital affiliate of Bain Capital, a leading global alternative assets firm, we have partnered with more than 200 companies over the last 30+ years to start, build, commercialize and grow their businesses. BCV has approximately $3 billion of assets under management and has offices in the Bay Area, New York City and Boston. Follow us at @BainCapVC or visit our website at www.baincapitalventures.com.
About DCM Ventures
DCM Ventures is an early stage venture capital firm based in Silicon Valley, Beijing and Tokyo with more than $2.5 billion under management. Our team's global DNA and extensive industry expertise empowers our entrepreneurs with hands-on operational guidance and a global network of business and financial resources. DCM Ventures has invested in more than 250 technology companies across the United States and Asia backing numerous industry leaders over our 20 year history. Successful exits (IPOs and M&As) include, among others, China-based: 51job, 58.com, 99Bill (Wanda Group), BitAuto, Dangdang, Luxin, Renren, Tuniu, and Vipshop; Japan-based: JCI, Kabu.com, Pokelabo (GREE), Scigineer, and StarFlyer; U.S.-based: About.com, Basis (Intel), Fortinet, PGP Corporation (Symantec), SandForce (LSI), Slice Technologies (Rakuten), and Sling Media (EchoStar) as well as eDreams in Spain and Daum Kakao in Korea.