InnerWorkings Raises $8.8M Series A
Posted by InnerWorkingsBy Hope Glassberg, Dow Jones - VentureWire
April 18, 2005
InnerWorkings, a provider of training software for software developers, has raised an $8.8 million Series A round of funding.
Benchmark Capital Europe led the round with participation from Mohr Davidow Ventures.
As a result of the financing, Barry Maloney of Benchmark Capital Europe and Sam Jadallah, general partner at MDV, will join the board.
InnerWorkings Chief Executive Francis McKeagney said that the funding will be used for product development and to establish the company’s new corporate headquarters in Pleasanton, Calif. The company was originally based out of Dublin, Ireland, and will continue to house research and development facilities there.
In terms of product development, McKeagney said that the company will make its training software, which is offered via an ASP, available in more geographic areas and to more users. He would also like to expand its training capabilities; currently the program only works with the Microsoft .Net platform and InnerWorkings may add on Java training functionality as well.
InneWorkings’ software provides a software development code engine that analyzes inputted code in real-time and provides corrective and analytical feedback. The platform is intended for educational purposes and managers can use the technology to identify the capabilities of software developers and determine how to prepare them for projects.
Jadallah said the investment marks one of MDV’s first e-learning investments and that the firm was drawn to InnerWorkings because of its unique value proposition. He said that he knew of no other e-learning software products similar to InnerWorkings’ product.
“They’ve figured out how to bring a rich experience right to the developer,” Jadallah said. “The feedback we got from developers was very compelling. They enjoy being challenged and having mentors online.”
Customers include Wells Fargo & Co. and McKeagney said that the company is targeting Fortune 3000 companies in four sectors: financial consulting, financial services, technology and information technology consulting. InnerWorkings began commercial sales at the end of 2004.
The company has 29 employees and should have more than 50 by year’s end.
