Liz Gannes

Recent Posts by Liz Gannes

Wrike Raises $10M From Bain Capital for Project Management Tools

Founded in 2006, Wrike has 4,000 organizations paying to use its project management software — at a rate of $4 per employee per month. Now, after years of funding itself, the company has taken its first major round of outside money: $10 million from Bain Capital Ventures.

wrike-graphite-perspective[1]That adds to a $1 million round last year from TMT Investments — a way to test the capital market, according to Wrike founder and CEO Andrew Filev.

So, what’s Wrike’s special secret twist? There is none, said Filev. “Collaboration is a well-defined market; there’s not that many things, holistically, that you can invent. When we do something, we try to do it right.”

Bain’s Todd MacLean cited Wrike customers’ “almost cultish devotion” to the product as justification for his investment.

One of Wrike’s standout features — versus many competitors, including Asana, LiquidPlanner and Basecamp — is the way it gives managers an at-a-glance view into everything that’s happening on their teams, according to Filev. The company also just released a new version with flat design and infographics.

Based in San Jose, Calif., Wrike has 70 employees.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work