9 hours ago
Projectworks secures NZD $25 million in funding to drive global growth
Projectworks has closed its Series A funding round at NZD $25 million, securing investment from US fintech investor Ten Coves alongside existing shareholders.
The latest funding boost takes the Wellington-founded software firm's total capital raised to more than NZD $33 million. The Series A round, which the company describes as one of the largest of its kind for a New Zealand technology business in recent years, included continued participation from Bridgewest Group and Punakaiki Fund.
The investment coincides with Projectworks being awarded Hi-Tech Emerging Company of the Year at the 2025 Hi-Tech Awards. The company has also recently been recognised in the Deloitte Fast50 and the Inc. 5000 list, underscoring its growth trajectory.
Strategic investment
Ten Coves Managing Partner, Steve Piaker, has joined the Projectworks board as part of the investment. Piaker emphasised the shifts occurring in the global consulting market, particularly as smaller, specialist firms gain ground through technology adoption.
"It's a good time to challenge the status quo," said Steve Piaker, Managing Partner, Ten Coves Capital. "With the latest advances in project intelligence, specialists with lean teams and deep experience can go toe-to-toe with larger firms — and win. Projectworks is the first end-to-end solution built for consultants from the ground up. It breaks down silos that get in the way of growth, and gives firms the tools to bid for and manage projects from a position of strength. . Having backed Mark Orttung when he served as president of BILL, we are thrilled to reunite with him and support his team as they break new ground in the professional services automation space."
The funds are earmarked for expanding product development, customer success and go-to-market teams. In particular, Projectworks will focus on integrating generative artificial intelligence tools, such as automated time tracking and proposal generation, into its platform. The company expects to increase its headcount by approximately 50% in the coming year.
Leadership changes
Mark Orttung, who was appointed Chief Executive Officer in 2024, has headed an acceleration of Projectworks' expansion, especially in North America, since taking up the post. Orttung previously held senior positions including President and Chief Operating Officer of BILL and CEO of Nexient, which was acquired by NTT Data in 2021.
Orttung said the new funding and recognition highlighted a shift in the consulting services industry, where firms face mounting pressures and must find efficiencies in their project management.
"Great consulting firms spend all their time on clients. That doesn't leave any time to manage their own firms. Specialists are solving some of the world's hardest and most important problems, yet they often shortchange key areas like resource planning, project and firm profitability, time sheets, time off/expense management, and invoicing. If you don't nail the basics, nothing else matters. You can't scale. You can't make a profit. And most importantly, you can't serve your clients, employees, or shareholders.
That's what makes Projectworks so special. We automate the routine so firms can focus on what really matters—profitable, meaningful, impactful work."
Orttung added: "Projectworks is now a truly global company, but we retain our Kiwi attitude. We listen, we innovate, we deliver. We eliminate project chaos and help our clients focus on work that makes a real difference in people's lives. We are growing at a spectacular rate as a result."
Recognition and growth
Projectworks' growth was praised by the Hi-Tech Award judges, who commented on the company's strong reputation among over 600 consulting clients in more than 50 countries.
The judges remarked, "Projectworks has carved out a clear niche in the professional services world, building a smart, practical software platform that grew from solving internal pain points of their own consulting business, to supporting over 600 consultancies in more than 50 countries."
The panel further stated, "Projectworks is a stand-out example of how a New Zealand company can quietly and successfully go global by focusing on what services firms actually need. They've executed well and built a solid pipeline of innovation for future growth."
Co-founder and Chief Product Officer Matt Hayter attributed the achievement to the dedication of the team and the confidence shown by early supporters.
"We're here today because of the people who believed in us from the start. We were backed by ambitious Kiwi consulting firms - many of whom were scrappy young startups like us - and it's because of them that we grew. It's because of them that we are here today, taking on the world from Wellington.
The future of NZ tech is bright and I've never been as optimistic as I am now. Sure, there are challenges and headwinds, but if there's one thing the last four years have taught me, it's that the world isn't run by the smartest or best people - it's run by the people who keep showing up. With Projectworks, I know we're just getting started."
Operational progress
Founded in 2019, Projectworks reports a compound annual revenue growth rate of 140% since launch. The company now serves more than 600 clients, including tens of thousands of users worldwide. In 2024, Projectworks moved its headquarters to Silicon Valley, marking a step-up in international ambitions targeting the US, UK, Australia, Canada, and Europe.
Projectworks' software automates time-tracking, invoicing, resource allocation, forecasting and reporting, and integrates with commonly used workplace systems such as QuickBooks, Salesforce, Hubspot, Jira and Zapier. The company aims to give SMB consultancies a clearer overview of complex, cross-border projects.
Customer perspectives
Marc Foster, Vice President at Cypress Environment and Infrastructure, said, "A lot of software for consultants feels like the past -- enterprise with a capital E. Projectworks was the first solution we came across that really felt like the future. It's lightweight and nimble, not a big, clunky ERP. We've been growing like crazy the last few years, and it's reassuring to know Projectworks understands the challenges of firms like ours. It doesn't force you into a particular way of doing things. I love how it integrates with our accounting software, because it makes hiring so much easier. No matter where you are, you can always find someone who knows how to run QuickBooks."
Christian Nolden, President of Groundline Engineering, USA, commented, "We've grown our team 10X over the past decade and recently made a major move into the US market—an exciting but complex transition for any company. We needed a project automation solution that could keep up with our pace, but more importantly, one that was easy to adopt and didn't require months of onboarding or training. Before Projectworks, we were juggling multiple disconnected platforms and relying heavily on spreadsheets just to get basic insights. Pulling data manually was time-consuming and error-prone, especially as we expanded globally. It was clear we needed a better way. Projectworks completely transformed how we manage projects. It was quick to set up, intuitive to use, and immediately gave us a single source of truth for all our projects. Within days, we were syncing teams across countries, tracking progress in real time, and making faster, more confident decisions. It's been a game-changer for our US expansion and beyond."
Projectworks' leadership has signalled ongoing emphasis on international expansion, especially in North America, as well as continued investment in technology development and customer support teams.
