Cork’s Teamwork scores $70m in first funding round

7 Jul 2021

Teamwork’s team at work. Image: Teamwork

Bregal Milestone’s investment will accelerate growth at Teamwork at a crucial point in the global adoption of remote working.

After 14 years of bootstrapping, Irish company Teamwork has announced a significant investment from Bregal Milestone.

The privately owned company’s first funding round amounts to $70m from the European technology growth capital firm.

The investment will support accelerated growth at Teamwork, whose project management software is currently used by more than 20,000 teams in 170 countries.

Teamwork will also work closely with Milestone Performance Partners, a team of in-house experts at Bregal with experience scaling companies.

Ian Kwok, principal of Bregal Milestone, described the Teamwork platform as “a comprehensive end-to-end project management solution”.

“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,” he said.

“Our strategic investment will significantly accelerate Teamwork’s ambition to become the world’s leading project management SaaS platform for client services companies.”

‘We know exactly what our client services customers need from a project management solution to run a more profitable, organised and efficient business’

Founded in 2007 by Peter Coppinger and Daniel Mackey, Teamwork now employs more than 270 people worldwide.

Headquartered in Cork, the company also has offices in Boston, Belfast, Amsterdam and Barcelona.

“We’re incredibly thankful to all of our customers and to all the Teamwork employees who have helped us become the business we are today,” said Mackey, who is CTO at Teamwork.

Teamwork’s platform features a suite of productivity tools focused on tracking and managing projects. With Teamwork, users can collaborate, set up knowledge banks, draw up invoices and manage a sales pipeline with CRM add-ons.

“As founders of an agency ourselves in a past life, we know exactly what our client services customers need from a project management solution to run a more profitable, organised and efficient business,” said Coppinger, who leads the company as CEO.

Coppinger and Mackey were both named EY’s Entrepreneur of the Year in 2018.

In 2013, the company famously shelled out €500,000 to secure the domain after more than two years of negotiations. At the time, this was one of the biggest domain sales in the world and possibly the most expensive ever purchased by an Irish company.

Elaine Burke is the host of For Tech’s Sake, a co-production from Silicon Republic and The HeadStuff Podcast Network. She was previously the editor of Silicon Republic.