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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The problem with the Billionaire Savior phase of the newspaper collapse has always been that billionaires don’t tend to like the kind of authority-questioning journalism that upsets the status quo.

— Ryan Chittum, writing in the Columbia Journalism Review about the promise of Pierre Omidyar’s new media venture with Glenn Greenwald