Wrike Announces ‘Organic’ Private Equity from TMT Investments
Financing will help the award-winning social project management company advance its strategic and innovative cloud-based offering for real-time project collaboration.
CAMPBELL, CA, June 14, 2012 – Wrike, a leading provider of social project management and collaboration software, has announced that TMT Investments, a global firm focused on innovative technologies and new media, is providing $1 million in private equity financing.
In the six years since its inception, Wrike has built an impressive product and client portfolio on sheer entrepreneurship, robust technology and its own revenue. Numerous funding offers that might have disrupted Wrike’s year-over-year, triple digit growth had been declined. TMT Investments’ offer – led by Igor Shoifot, a well-known entrepreneur and founder of numerous companies including Fotki.com – is exactly what Wrike was ready for.
“TMT Investments is the perfect financing partner for our strategic vision,” says Andrew Filev, founder and CEO of Wrike. “Igor Shoifot is a great entrepreneur who believes strongly in what we do. He approached me with an offer to invest $1M at $20M cap, which brings minimal dilution and doesn’t require a full board seat. So in essence, we can continue to do what works best for us and our customers. I’d call it ‘organic’ funding, as it doesn't require genetic engineering of our company's DNA. We love to stay close to customers and do things in iterative, agile, and "lean" way. Our funding strategy reflects that.”
Wrike’s software is designed for businesses in need of productive and cost-efficient systems to manage their work tasks, projects and teams. Wrike addresses the challenges by providing a scalable online collaboration platform that connects tasks, projects, discussions, documents and other work-related information in one cloud-based workspace, in which teams of any size can productively collaborate.
Wrike’s innovative solution combines robust task and project management functionality, friendly collaboration features and powerful integrations with popular tools, like email, document management tools, and more.
“The biggest question for an investor is always: will this grow? With regards to Wrike, that question has been answered with confidence,” said Igor Shoifot, Venture Partner at TMT Investments. “Their growth outpaces most apps because clients love it, and because its management understands their needs better than anyone else. Wrike is a rare opportunity to invest in a growing product, but, more importantly, backing up an entrepreneur who built it painstakingly, over years, without any outside help, listening to his clients, adjusting and perfecting his vision, and putting so much love and thought into the product, that Wrike would go toe-to-toe with any competitors' products, and knock them out.”
Wrike is an award-winning provider of social project management and collaboration software that helps both co-located and distributed teams get things done together in real time. Wrike’s product vision is based on the innovative “work graph” model, connecting all work in one central hub that is comfortable to manage and navigate. Adopting the features of the “social graph” to project collaboration space, Wrike allows users to bring together as many projects as they need and work on them in a scalable environment. Wrike is led by CEO Andrew Filev, a seasoned software entrepreneur, product manager and project manager who launched his first software company at the age of 18 and quickly grew it from a startup into a thriving international business. As more and more businesses trust Wrike for collaborating in the cloud, the company shows stable, triple-digit growth year-to-year. Wrike’s customer base is notable for its wide international outreach and famous brands on board and includes ECCO, Deloitte, Adobe, EMC, Stanford University and more. For more information, please visit www.wrike.com.
About TMT Investments
TMT Investments is a global investment firm dedicated to nurturing innovators in leading-edge technologies and new media. The firm provides equity and equity-related investment capital, such as convertible loans, to private companies which are seeking capital for growth and development, consolidation or acquisition, or as a pre-IPO financing. The TMT team consists of accomplished entrepreneurs and business professionals who have launched, sold, invested in and managed numerous technology businesses, with tens of millions of users and hundreds of millions in total revenues. TMT brings to its customers decades of start-up and investment experience, strategic outlook and global expertise, functional team support and synergies with our other portfolio companies and partner distribution channels. For more information, please visit www.tmtinvestments.com.
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