Targetprocess lands Collection A 14 years after launching – TechCrunch
Targetprocess launched in 2004 in Minsk, Belarus with a mission of creating it less complicated to handle agile-driven programming tasks. It introduced it has taken its first funding in its 14-year historical past, a $5 million Collection A led by the European Financial institution for Reconstruction and Improvement and Zubr Capital, a personal fairness agency in Minsk.
Why take cash in spite of everything these years? It’s a protracted journey from 2004 to now, however Andrey Mihailenko, co-founder of Targetprocess, says the time is solely proper to tackle extra money to broaden its market imaginative and prescient. “The goal of taking on this funding is to get bigger. We see the opportunity right now because more companies understand the value of agile to provide faster response to change agents and quicker delivery,” he stated.
He stated the founders typically debated over time when to tackle exterior funding, however determined to attend till they felt it was the fitting time to broaden. “We delayed because venture capital is not just about money, but giving up some control and having someone else influence some of the decisions. We wanted our vision fulfilled and now seems like a perfect time because agile is [moving beyond] IT into other parts of the organization,” Mihailenko defined.
Like many startups, this one was born out of necessity when certainly one of Mihailenko’s co-founders grew to become fascinated with the agile programming methodology. When he couldn’t discover instruments to adequately handle the method, he determined to construct them, and from that early work Targetprocess was born.
At this time, he says his firm focuses on agile groups of all sizes because the agile idea has turn out to be popularized over time and mainstreamed as an accepted apply. “Our focus is on providing a platform to enable agile teams to visualize the workflow, how they work and making sure their priorities align and that they work in an agile way,” Mihailenko stated.
Their persistence seems to have paid off. From the 5 co-founders, they’ve grown to 115 workers with over 1000 shoppers worldwide, based on Mihailenko.The event workforce stays in Minsk, however they’ve small workplaces in Buffalo, NY, London and Berlin.
They plan to make use of the cash to push into new markets by hiring new gross sales and advertising professionals, who may also help them broaden and develop. Additionally they intend to boost the R&D workforce in Minsk and anticipate to succeed in 160 workers within the subsequent 12-18 months.