Wellington's Projectworks raises $8m at $100m valuation, eyes US expansion
Wellington-based start-up Projectworks, a developer of professional services automation (PSA) software, has successfully raised US$5 million (NZ$8.2 million) in a funding round that values the company at US$100 million (NZ$163.9 million).
The capital raised will primarily be used to expand its footprint in North America, where the company is already making significant strides, reported The New Zealand Herald.
Founded in New Zealand, Projectworks has developed a comprehensive business management platform tailored to professional and creative services organizations. The software provides an array of tools that support resourcing, forecasting, invoicing, timesheets, project financials, and more. Designed specifically for industries like software development, architecture, engineering, and management consulting, the platform helps businesses streamline operations across multiple roles, from project managers to finance teams.
North American Expansion and New Leadership
Projectworks’ CEO, Mark Orttung, is spearheading the company’s push into the U.S. market. A Silicon Valley-based tech executive, Orttung took on the role of CEO in March 2024, following nearly two years on the board of Projectworks. Under his leadership, the company is actively hiring talent both on the U.S. West Coast and in Wellington, aiming to scale its operations on both sides of the Pacific.
Orttung brings extensive experience from the tech ecosystem in Silicon Valley, which Projectworks views as key to driving its U.S. expansion. He believes that the U.S. offers a more competitive environment, particularly in terms of talent acquisition, and has emphasized the importance of building an engineering team based in the country. His connections and expertise will also help Projectworks establish partnerships and drive customer adoption in the region.
Injecting AI into Projectworks’ Platform
As part of its growth strategy, Projectworks is introducing artificial intelligence (AI) into its platform to enhance its core capabilities. The company’s software already includes a wide range of features such as project management, resource allocation, expense tracking, and leave booking. With AI integration, Projectworks aims to automate tasks, optimize resource utilization, and provide predictive analytics to improve project outcomes for its clients.
AI-driven insights are expected to deliver even more value to professional services businesses, helping them make smarter decisions, reduce inefficiencies, and better manage complex projects. This technology upgrade will position Projectworks as a leading player in the PSA space, enabling businesses to operate with greater precision and flexibility.
While New Zealand is in the process of making adjustments to its tax setup, Projectworks views the U.S. as a more advantageous environment for recruiting and keeping top talent in the high-tech industry. This shift in the company’s center of gravity reflects its ambition to tap into a larger market and accelerate its global growth.
With fresh funding and a clear focus on North American expansion, Projectworks is well-positioned to continue its upward trajectory. By blending AI capabilities with its already robust platform, the company aims to revolutionize how professional services firms manage their projects and resources. Under the leadership of Mark Orttung, Projectworks is poised to become a formidable player in the global business management software market.