Work management and collaboration platform Wrike today announced that it has raised a $15 million Series B round led by Scale Venture Partners with participation from DCM Ventures and previous investor Bain Capital Ventures.
As the company also disclosed today, its enterprise revenue is currently growing 20 percent month-over-month and the company is adding $1.5 million in new annualized recurring revenue every month. In total, the service now has 8,000 paying customers and more than 1 million people have used the service.
The company argues that its recent addition of new customization options has allowed it to gain extra traction in the enterprise world, where it’s typically quite a hassle to add individualized features to services like Wrike.
“At a time of huge digital transformation in the workplace, our customers were stuck with a choice between overly complex enterprise IT solutions that were impractical, or overly simple tools and apps that don’t scale,” said Wrike CEO and Founder Andrew Filev in a canned statement. “Our goal was to bridge that gap with our enterprise product and focus on smoothly integrated, scalable customization. Now each customer can easily configure Wrike to support their unique business goals.”
Wrike has always been very deliberate about raising money. The company only raised a $10 million Series A round after bootstrapping the service for seven years.
The Wrike team tells me that it didn’t need this new funding round; it still has $6 million in the bank from its previous round. The capital markets are so favorable right now, however, that Wrike couldn’t pass on this opportunity and decided to use it to fuel its growth in the enterprise world.
In addition, the company plans to hire about 150 employees in the next year (it’s now at 200 employees) and focus on international growth, especially in Europe. Wrike is not disclosing its exact valuation, but the company tells me its a nine-digit number.