Wrike now boasts more than 1 million users, and revenue from Wrike’s enterprise tier of service, introduced in December 2013, is growing 20 percent month over month, Wrike founder and chief executive Andrew Filev told VentureBeat in an interview. The company now counts 8,000 paying customers, and around 30,000 people try the product every month, Filev said. And he doesn’t want the growth to stop.
“Three years from now, we want to be worth 10 times what we are today,” Filev said.
The thing is, Wrike competes with a few other venture-backed startups with tools for tracking people’s tasks, including 6Wunderkinder (the company behind Wunderlist), Asana, Redbooth, Trello, and Workfront (formerly AtTask), not to mention Citrix-owned Podio. These applications differ from enterprise social networks like Convo, Microsoft’s Yammer, Salesforce’s Chatter, and VMware’s Socialcast. And they’re different from Slack, a team-communication app.
“The enterprise collaboration market is huge, and it’s growing very fast,” as Filev put it.
These days, many enterprise software startups seem to be envious of Slack’s fast growth. Filev said he’s glad Slack is in a similar space, and noted “similarities” between the growth of Slack and Wrike. But when it comes down to value proposition, Filev proudly states that Wrike is no communication app. Paying customers “actually think of it as running their business on Wrike,” he said.
Now there’s more money to work with. Wrike intends to sign up more companies and expand usage within companies.
And more product improvements will come, too.
“Going forward, we’re going to be more and more predictive, just helping you operate more efficiently,” Filev said.
Apple Watch support is possible — but it’s probably more important for Wrike to replicate the success of its Android app in its main iOS app, Filev said. There are no immediate plans to support Windows Phone.
Scale Venture Partners led the new round. Bain Capital Ventures and DCM also participated.
Wrike started in 2006 and is based in Mountain View, California. The company recently hired its 200th employee, and it will add 150 more in the next 18 months, Filev said. Wrike plans to open an office in Dublin, he said.
To date the startup has taken on $26 million. The company is extremely capital efficient, Filev said.
“We still have $6 million out of the $10 million we raised in 2013,” he said.