New Zealand professional services automation startup Projectworks announced today that it has raised $12 million in new funding to expand its product development, go-to-market and customer success teams.

With the funding, the company is particularly focusing on developing generative artificial intelligence tools for the platform, such as time tracking and proposal generation.

Founded in 2019, Projectworks offers a cloud-based professional services automation platform designed to streamline project management for consulting firms, architects, engineers and software teams. The platform integrates core functions like time tracking, invoicing, resource planning, forecasting and reporting into a single system to help firms reduce administrative overhead and focus on delivering high-value work.

Notable features of the company’s platform include real-time project intelligence that provides teams with live visibility into project health, financials and resource capacity. The insight helps firms identify potential issues such as scope creep or budget overruns before they escalate to allow for timely interventions to keep projects on track.

The platform also offers forecasting tools that allow users to anticipate future project and staffing needs. The offering allows firms to make informed decisions about hiring, resource allocation and business development by analyzing current workloads and financial data.

Projectworks integrates with various popular business tools, including QuickBooks, Salesforce Inc., HubSpot Inc., Jira and Zapier Inc. to ensure that data flows smoothly between systems, reducing duplication and enhancing overall efficiency.

The company has seen strong growth, including achieving 140% compound annual revenue growth since launch and has a customer base of more than 600 companies with tens of thousands of users operating across more than 50 countries.

Notably in 2024, the company opened a new headquarters in Silicon Valley to accelerate its expansion into North America, the U.K. and other global markets.

The Series A funding round was led by Ten Coves Capital, with existing investors including Bridgewest Group and Punakaiki Fund Ltd. also participating.

“With the latest advances in project intelligence, specialists with lean teams and deep experience can go toe-to-toe with larger firms — and win,” said Steve Piaker, managing partner at Ten Coves Capital. “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.”

As part of the funding deal, Piaker is joining Projectworks’ board.

Image: Projectworks