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.
“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.”