Ireland-based Teamwork, which creates business management SaaS applications, raises $70M, its first-ever external funding since its founding in 2007
our first-ever investment
Context & Ripple Effects
After fourteen years of operating without outside capital, Cork-founded Teamwork has taken its first institutional check — a $70M round that ends one of the longer bootstrap runs among established SaaS vendors. The timing lands mid-way through a sustained Irish funding streak: Workvivo's Tiger Global-led Series A in 2020, Dublin automation firm Tines' extended Series B, and TransferMate's $1B-valuation payments round earlier in 2022.
The raise matters less as a single deal than as confirmation that Ireland now produces venture-scale software companies repeatedly rather than once. Teamwork joins Workvivo and Tines as Irish-built business software drawing international money, with US firms like Workato setting the valuation bar at $1.7B for workflow tooling.
First-order effects
- Teamwork gains growth capital for the first time since 2007, letting it fund sales and product expansion from the balance sheet rather than customer revenue alone.
Second-order effects
- Rivals in business-management SaaS face a newly funded competitor able to discount and hire against them, while investors who passed on Teamwork for years now see proof that disciplined bootstrappers can still attract late-stage checks.
Third-order effects
- If the pattern holds — Workvivo, Tines, TransferMate, Teamwork — Ireland's tech sector, already employing over 6% of the national workforce, shifts from hosting foreign multinationals toward exporting homegrown SaaS companies on US-style venture timelines.
The trend: Ireland is compounding a repeatable pipeline of venture-backed SaaS companies, converting a decade-plus of bootstrapped local software firms into internationally funded ones.