New Growth Investment from Ten Coves Capital Boosts Projectworks Series A to $15M

Worldwide boom in specialist consulting fuels Projectworks’s growth

/EIN News/ -- SAN MATEO, Calif., June 03, 2025 (GLOBE NEWSWIRE) -- Projectworks, the project intelligence platform for fast-growing consulting firms, today announced that it has added $12M to its Series A through additional funding led by new investor Ten Coves Capital, with existing investors including Bridgewest Group and Punakaiki Fund participating. The new investment brings Projectworks’s total funding to more than $20M.

The new funding, which follows the 2024 appointment of Projectworks CEO Mark Orttung, reflects a decisive shift in the global consulting market. Fueled by AI and new workplace automation solutions, the world’s 7 million small-to-medium-size firms are increasingly landing major projects in fields like energy grid resilience, high-speed transportation, cybersecurity, and risk analysis.

“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.”

Projectworks’s cloud-based software automates time-tracking, invoicing, resourcing, forecasting, and reporting, helping SMB consultancies to operate more efficiently and gain deeper insights to drive greater profitability. Projectworks acts as the nerve center for the business, plugging into popular workplace solutions such as QuickBooks, Xero, Salesforce, Hubspot, Jira, and Zapier.

“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,” said Marc Foster, Vice President at Cypress Environment and Infrastructure. “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.”

Projectworks’s real-time project intelligence platform gives teams a clear, consistent view into even the most complex projects and cross-border operations.

“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,” said Christian Nolden, President of Groundline USA. “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.”

Founded in New Zealand in 2019, Projectworks has achieved 140% compound annual revenue growth since launch. In 2024 it opened new headquarters in Silicon Valley and appointed Mark Orttung, former president and COO of BILL and CEO of Nexient (acquired by NTT Data in 2021), as CEO to accelerate its expansion into North America, the United Kingdom, and other global markets. With Orttung at the helm, Projectworks has grown its customer base to more than 600 companies with tens of thousands of users operating across more than 50 countries.

“Great consulting firms spend all their time on clients. That doesn't leave any time to manage their own firms,” Orttung said. “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. By eliminating project chaos, it helps firms focus on work that makes a real difference in people’s lives.”

Projectworks will deploy the new funds to expand its product development, go-to-market, and customer success teams. Specific areas of investment include the development of generative AI tools for the Projectworks platform, including tracking time and generating proposals and quotes. Projectworks plans to grow headcount approximately 50% over the coming 12 months.

As part of its growth investment, Ten Coves’s Steve Piaker will join Projectworks’s board of directors.

For more information and to arrange a free demo, visit Projectworks’s website here.

About Projectworks
Projectworks wants to help consultants unleash a billion profitable hours a year on the work that matters most—by automating the boring bits. Projectworks’s cloud-based software automates a firm’s most critical project processes, getting them out of the resourcing, forecasting, timesheet, invoicing, and reporting weeds so they can focus on the real work. Founded by three consultants who saw first-hand how project chaos kills a firm’s growth, Projectworks now powers 15,000+ engineers, architects, software, and management consultants around the world.

With teams in its four fastest-growing markets — Australia, New Zealand, the United Kingdom, and United States — Projectworks is the only global consultant-led solution in the market. Headquartered in Silicon Valley, Projectworks is backed by leading investors including Bridgewest Group, Punakaiki Fund, and Ten Coves Capital.

Media Contact
Chris Ulbrich
Firebrand Communications for Projectworks
projectworks@firebrand.marketing
415-848-9175