Targetprocess launched in 2004 in Minsk, Belarus with a mission of creating it less complicated to handle agile-driven programming tasks. It introduced it has taken its first funding in its 14-year historical past, a $5 million Sequence A led by the European Financial institution for Reconstruction and Improvement and Zubr Capital, a non-public fairness agency in Minsk.
Why take cash in any case these years? It’s an extended journey from 2004 to now, however Andrey Mihailenko, co-founder of Targetprocess, says the time is just proper to tackle more cash to increase its market imaginative and prescient. “The objective of taking over this funding is to get greater. We see the chance proper now as a result of extra firms perceive the worth of agile to supply sooner response to alter brokers and faster supply,” he stated.
He stated the founders typically debated over time when to tackle exterior funding, however determined to attend till they felt it was the correct time to increase. “We delayed as a result of enterprise capital isn’t just about cash, however giving up some management and having another person affect a few of the choices. We needed our imaginative and prescient fulfilled and now looks as if an ideal time as a result of agile is [moving beyond] IT into different components of the group,” Mihailenko defined.
Like many startups, this one was born out of necessity when one in all Mihailenko’s co-founders turned fascinated with the agile programming methodology. When he couldn’t discover instruments to adequately handle the method, he determined to construct them, and from that early work Targetprocess was born.
At present, he says his firm focuses on agile groups of all sizes because the agile idea has develop into popularized over time and mainstreamed as an accepted follow. “Our focus is on offering a platform to allow agile groups to visualise the workflow, how they work and ensuring their priorities align and that they work in an agile method,” Mihailenko stated.
Their persistence seems to have paid off. From the 5 co-founders, they’ve grown to 115 staff with over 1000 shoppers worldwide, in accordance with Mihailenko.The event crew stays in Minsk, however they’ve small places of work in Buffalo, NY, London and Berlin.
They plan to make use of the cash to push into new markets by hiring new gross sales and advertising professionals, who might help them increase and develop. Additionally they intend to boost the R&D crew in Minsk and count on to succeed in 160 staff within the subsequent 12-18 months.