Mavenlink, a provider of integrated business management software, has received $19 million funding from Carrick Capital Partner and Silicon Valley bank.
The growth capital is comprised of $15 million in capital contributed by existing shareholders and $4 million credit facility.
Earlier in 2013, Carrick has invested $7 million in Mavenlink. Carrick’s investment in Mavenlink is directly in line with the firm’s focus on scaling fast growing technology-enabled services businesses including software as a service.
Carrick, which invested $28 million in Axiom Global in 2013, focuses on investing in companies that provide technology enabled service offerings, business process outsourcing, transaction processing, software as a service and enterprise software.
Mavenlink will use the capital to accelerate product innovation, market penetration and global market share expansion and funding will allow Mavenlink to continue to disrupt a fragmented technology landscape, further strengthening the company’s technology advantage and leadership for professional services companies.
Over the past year, Mavenlink’s rapid pace of innovation has led to 3 times growth in sales and personnel.
“This additional funding will be used to further accelerate the company’s product development, support sales growth and continue driving up market to serve more large enterprises,” said Steve Unterberger, managing director of operations at Carrick Capital Partners.