Cork software firm Teamwork raises $70m in funding

Irish software company Teamwork has its sights on becoming Cork’s next big unicorn.

Cork software company Teamwork has raised $70m in a funding round led by Bregal Milestone.

The business has up until now been bootstrapped and this marks the first time the company has accepted external funding to drive its growth.

“As founders of an agency ourselves in a past life, we know exactly what our client services customers need from a project management solution to run a more profitable, organised, and efficient business”

Teamwork is a web-based project and groupware management tools platform helping managers, staff and clients work together online.

Teamwork was founded by Daniel Mackey and Peter Coppinger in 2007 and is one of Cork’s biggest indigenous tech success stories.

The business employs 270 people in five countries and in 2019 opened offices in Belfast. In 2018 it was named EY’s Entrepreneur of the Year. The company even has plans to build its own Apple spaceship-style campus in Cork.

Burning with ambition

In an interview with ThinkBusiness in 2019, co-founder Daniel Mackey spoke of the company’s plans to become a $100m a year software vendor.

“We couldn’t be more excited to work with the fantastic team at Bregal Milestone to accelerate our growth and bring our strategic vision to fruition,” said Peter Coppinger, co-founder and CEO of Teamwork.

“As founders of an agency ourselves in a past life, we know exactly what our client services customers need from a project management solution to run a more profitable, organised, and efficient business.”

London-based Bregal previously backed Irish IT consulting firm Arkphire, which was last year acquired by US tech giant Presidio for an undisclosed sum.

Bregal closed a $400m pan-European investment fund in 2018 and typically invests tens of millions in high-growth European businesses.

“Against the backdrop of rapid adoption of remote working and the increased demand for better workforce collaboration, Teamwork is well positioned to continue its successful track record and generate accelerated grow,” said Ian Kwok, Principal of Bregal Milestone.

Main image at top: Teamwork co-founders Peter Mackey and Peter Coppinger 

By John Kennedy (john.kennedy3@boi.com)

Published: 7 July 2021