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Big bucks continue to flow into startups that are building and selling productivity and management services. Enterprise collaboration startup Mavenlink, which offers a cloud-based start-to-finish project management service, announced today that it has raised $48 million.
The series E round for the Irvine-based startup was led by existing investors Carrick Capital Partners and Goldman Sachs Growth Equity. In total, Mavenlink has raised $111.5 million in its 11-year journey, the startup’s cofounder and CEO Ray Grainger told VentureBeat.
Through its eponymous service, Mavenlink offers a range of features to help companies manage their projects, especially when engaging with outside clients and contractors. These tools allow a team to track time and finances, share files with one another, and pool their resources. Mavenlink’s offerings also include integration with popular third-party services such as Google Apps.
The startup, which has 2,500 clients including big names such as Salesforce, Qualtrics, Vizient, WPP, Genpact, IPG, and 84,000 paying users, offers its service in multiple tiers at a recurring monthly cost. It also maintains a free plan with limited functionalities for small businesses.
The startup, which has expanded to European and APAC regions in recent years, will invest the fresh capital in building new customer programs, Grainger told VentureBeat. “We’re working on new features, solutions, and thinking in key areas where the fast-changing, fast-growing services market can most benefit from innovation. Areas like resource management, services supply chain, machine learning and AI, mobile, and extensibility.”
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Today’s announcement underscores investors’ growing interest in startups that are building management and productivity applications to replace the archaic ways many companies engage internally. San Francisco-based Asana, which offers a work management platform, raised north of $100 million last year.
Monday.com, another startup with similar offerings, raised $50 million last July. Atlassian acquired Trello for a whopping $425 million in 2017. Slack, which offers a team communications service and is valued at more than $8 billion, filed for an IPO earlier this year.
But growing these businesses, especially as they compete with some of the biggest technology giants such as Google and Microsoft, is a capital-taxing job. Grainger declined to share how much revenue Mavenlink clocked last year, but said the startup does see profitability in the future.
“An IPO of the company is always a consideration,” Grainger said. “We’re focused today on the success of our clients as we pursue a vision of industry innovation, and believe that’s what we need to do for Mavenlink to sustain market leadership. We expect this round to sustain our high growth rate for the foreseeable future.”
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