Organizations need better tools for managing their product development, and the legacy options that they have today aren’t well positioned for today’s distributed teams or agile workflows. Jama Software offers a cloud-based product that is designed to help teams finish projects faster and also to keep an entire organization on the same page. And it’s raised $13 million to go after that opportunity.
Jama Software provides a SaaS-based platform that helps to accelerate product development within large, globally distributed enterprises. It works by tying together all the requirements and procedures that teams need to move projects forward and putting it together all in one place.
It provides a centralized place for all documents to reside, and allows teams to collaborate with each other in realtime. In that way, it’s meant to replace email as well as other social tools used within enterprises. The platform also ensures that team members working on a certain part of the product will be continually updated and notified when things change.
Jama’s platform is also designed to connect the product teams with other parts of the organization. For instance: While not involved in product development, the platform will provide sales and marketing teams more information about upcoming launches so that they can be ready to take them to market.
The company hadn’t raised any institutional money in the six years that it’s been in business, but decided to change that as the market has matured and more companies are beginning to take advantage of its platform. While it already has 600 customers, including dozens in the Fortune 100, it sees a huge opportunity to better serve its growing list of clients and to sign up even more.
With that in mind, it brought on $13 million in funding led by Trinity Ventures, with participation from Madrona Venture Group. Along with the funding, Trinity General Partner Karan Mehandru joined the company’s board of directors.
The new funding will be used to expand its headcount and to help the company move into new markets, such as Europe and Asia. To date, most of its sales have come from inbound requests, but it’s hoping to add to its sales, marketing, and sales support teams, according to CEO Eric Winquist. “We waited six years to raise institutional funding… but we reached a point where it made sense to beef up the balance sheet and move forward,” he told me.