How Projectworks Closed $15M Series A

Are you a startup CEO or co-founder struggling to secure VC funding? Do you want to understand the intricate details of the funding process, from navigating venture capital firms to managing international complexities? In this episode of Funded, we dive deep into the real-world experience of Mark Orttung, CEO of Projectworks, as he shares the nitty-gritty of closing a $15 million Series A funding round. Discover how to build crucial relationships with VCs, demonstrate consistent performance, and strategically expand your market, even in a challenging fundraising climate.

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Mark Orttung builds momentum in companies, creating places where people want to stay and grow. With 30+ years in tech, consulting, and product, he’s been a consultant, product visionary, VP, President, and CEO. He started at Accenture in 1988, then held key product leadership roles at Genesys, GetThere, and Rearden Commerce. At Bill.com (2007–2014), as President & COO, he guided product development and operations, designing the Bill.com payment network that processes over 1% of US GDP. He holds 40+ software patents. As CEO of Nexient, Mark turned the company around. Facing declining revenue, he used honesty, humility, and hunger to grow revenue from $34M to over $130M without offshoring or layoffs, leading until its 2021 acquisition by NTT DATA. Now CEO of Projectworks, Mark continues to lead with humility, honesty, and hunger. He believes great leadership is about setting direction, explaining why, and inviting others to join. He brings deep product intuition, operational rigor, and extensive experience.

Mark, Morgan, and Chris discuss:

How building long-term relationships with VCs is crucial for fundraising.
Expanding Projectwork’s product development team by 50% and growing its market presence in London and other regions.
How the company is integrating AI into its platform, starting with proposals for new work.
Ways Projectworks helps firms gain real-time visibility into project profitability, utilization, and resource management.
Why Mark advises entrepreneurs to invest in long-term relationships with investors, even when not actively fundraising, to build comfort and understanding.

Mark Orttung’s journey with Project Works underscores that even in challenging fundraising environments, a clear strategy, strong relationships, and a deep understanding of your market can pave the way for significant growth. How will you apply these insights to secure your next funding round or scale your business? Share your thoughts with us, and don’t forget to subscribe to Funded for more actionable advice from leading startup CEOs!

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