Mountain View, May 6, 2015 – 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.”