Manchester, N.H., U.S.A. - August 19, 2013 - Newforma, a project information management (PIM) software company integrating people, projects and processes to transform building and infrastructure project delivery, announced today that it has closed a US$5.1 million Series D venture capital round to drive faster growth, develop new products, and expand into new geographic markets. Existing investors North Bridge Venture Partners, Kodiak Venture Partners, and Borealis Ventures all participated in the round.
“For years now, Newforma has achieved solid growth on the strength of its earnings alone,” said Rich D’Amore, managing partner of North Bridge Venture Partners. “It’s precisely because of that growth that we’re supporting this new round of Series D funding. The company has demonstrated its ability to be very capital-efficient in developing compelling products that deliver tremendous ROI for its customers, capturing a 99 percent renewal rate based on pure SaaS revenues.”
Newforma was the first software company to create a comprehensive PIM solution for architects, engineers, construction firms, and owners. Today, 1,000 organizations use Newforma products to facilitate collaboration between 500,000 project team members managing over two billion documents in more than one million projects. Newforma software is used to search project data, manage massive amounts of project email, share information securely between all of the companies working on a project, and provide a full audit trail to mitigate risk. The most recent, tenth edition of the Newforma solution supports projects that are being managed on premise, projects that are hosted in the cloud, and a suite of mobile apps for smartphones and tablets.
Newforma Chief Executive Officer Ian Howell said, “Wherever Newforma has gone – whether North America, the United Kingdom, the Middle East, or in Asia Pacific countries like Australia, New Zealand, Singapore, Malaysia, and the Philippines – AECO organizations have embraced our technology vision for project information management. Our customers value the fact that our products help them access project information and manage project delivery on-premise, in the cloud, and via mobile devices. This additional Series D funding will allow us to accelerate product delivery and expand our market presence as we continue to transform the building design and construction industry.”
Newforma develops, sells and supports project information management (PIM) software for architecture, engineering, and construction firms worldwide, and the owners they serve. Newforma is the first industry-focused and integrated solution to connect firms to each other, to their project information, to their processes, and to remote team members, all for the purpose of more successful project delivery. Firms in the Newforma Project Network are using Newforma software to manage information on more than one million projects, raising productivity, reducing exposure to risk, strengthening their brands, and freeing time and attention to focus on design, construction, and client service. For more information about Newforma, visit www.newforma.com, or phone +1 603-625-6212.Back to all News