Raises $24 million led by WestSummit (Menlo Park) Co-Managed Fund, Summit Bridge Capital; and Existing Investors OpenView Venture Partners (Boston), Atlantic Bridge (Palo Alto), Oyster Capital Partners (Dublin) and Silicon Valley Bank
PLANO, TX -- September 10th 2014 – FieldAware, the leader in made-for-mobile, cloud-based field service automation SaaS solutions, has announced a $24 million funding round. WestSummit’s new co-managed fund, Summit Bridge Capital, led the round with support from Silicon Valley Bank and existing investors OpenView Venture Partners, Atlantic Bridge Partners and Oyster Capital Partners who fully participated in the financing. The new funding will be used to accelerate the continued scale up of the business to meet customer demand, product development and to further fuel FieldAware’s growth strategy in the rapidly expanding Field Service Management sector.
WestSummit Managing Director David Lam will represent Summit Bridge Capital on the company’s board of directors. “We seek and back companies that are transforming industries, and FieldAware is one of those companies,” said David Lam, Managing Director at WestSummit. “Field service is a massive and extremely diverse multi-billion dollar market, and FieldAware’s product, with its made for mobile solution, was designed from the ground up for today’s mobile environment. FieldAware’s focus on enabling technicians in the field to generate more revenue, be more productive and improve customer satisfaction is unequaled, and we believe the company is on target to be the clear global leader.”
FieldAware’s made for mobile solution enables field service organizations to provide field personnel with mobile tools that increase their productivity, generate more revenue and turn customers into brand advocates. The native mobile apps for the technician deliver power and flexibility to technicians, and eliminate any dependency on Internet coverage for the field worker while at a customer location.
“We have investor partners from the U.S., Europe and now from Asia, reflecting our shared belief that mobility first is the key driver behind this fast growing global market,” said Bill Beamish, CEO of FieldAware. “Our vision is to retain a laser-like focus on providing mobile productivity tools for the people who are key in the creation of productivity gains in every field service organization – the service technicians. The industry is only now coming of age through the power of mobility, and there is a huge opportunity for the application of this disruptive technology in the core business processes in a wide variety of companies throughout the economy.”
FieldAware’s Web-based back office functions are built on a flexible, cloud-based architecture with unlimited configurable fields that can accommodate virtually any business process in nearly any industry segment, including: HVAC, Oil and Gas, Health Care, Telecommunications, Facilities and Property Management, I.T. Support and many others.
FieldAware’s integration with existing ERP, CRM and accounting systems is a key feature of the FieldAware solution. FieldAware’s open API is based on a RESTful (Representational State Transfer) architecture, the standard for web-based API’s. This enables FieldAware to seamlessly interoperate with ERP and CRM systems from NetSuite®, Salesforce.com®, Microsoft® Dynamics and many others.
This $24m funding round is on top of the recent investment of $12m from OpenView Venture Partners. OpenView’s Managing Director, Adam Marcus, says, “We invested in FieldAware because we believe their Mobile First solution uniquely provides field service providers, and their organizations, with the proper tools to hugely increase their productivity and efficiencies. As an inside investor we’ve been able to confirm these trends and we continue to be impressed with rapid growth, continued product development and the team they are building. We are excited to welcome Summit Bridge Capital aboard as FieldAware enters this next phase of growth”.
Founded in 2011, FieldAware’s mobile first architecture enables the platform to be flexible, easy to use, and easy to configure. The solution can scale from tens to thousands of field workers. FieldAware already has more than 1,000 customers, predominantly in the U.S. FieldAware’s rapid implementation methodology along with its easy-to-use mobile and web-based applications, has enabled our customers to implement quickly, gain rapid user adoption and realize rapid returns on their technology investment. As well as helping the company to grow rapidly in the U.S., the funding partnership will enable the company to exploit opportunities in the China market.
FieldAware is re-shaping the field service industry. Our made-for-mobile, cloud-based field service management software is easy to use and built with incredible flexibility – a combination that enables field service organizations to better serve their customers and outperform the competition. The FieldAware software was architected as a native mobile platform. It works seamlessly with a business’s existing applications, and has no incumbent legacy technologies to modify or migrate from. We combine our software with the industry’s best professional and support services, enabling companies to take full and rapid advantages of advances in today mobile field service environment. FieldAware is based in Plano, Texas and Dublin, Ireland. For more information, visit fieldaware.com.
About Summit Bridge Capital
Summit Bridge Capital (www.SummitBridgeCapital.com) is a growth technology fund co-managed by Atlantic Bridge Capital Partners and WestSummit Capital Management. The Fund targets cross-border companies operating in core technology sectors such as internet, software, and cloud, among others.
About WestSummit Capital Management
WestSummit Capital (www.westsummitcap.com) is a global growth stage technology investment firm. WestSummit’s China Value Creation Platform connects the leading companies across the globe with the Greater China market to realize the full potential of their businesses. WestSummit invests in the Internet, mobile, cloud computing and IT-enabled clean tech sectors. The firm is sponsored by major financial institutions in Asia, Europe and North America, and operates from offices in Beijing, Silicon Valley and Hong Kong.
About OpenView Venture Partners
OpenView Venture Partners (www.openviewpartners.com) is a venture capital firm focused on helping technology companies turn their vision into reality. We typically invest $5 to $15 million in companies that have $2 to $20 million in annual sales. Everything we do is focused on finding, capitalizing and assisting expansion stage technology companies and accelerating their pursuit to become market leading organizations.
We’ve built our team around the idea that we will provide meaningful value to each and every portfolio company. To that end, we devote every person, every skill and every advantage into making sure that each and every one of our portfolio companies succeeds.
Based in Boston, MA, we invest around the world and offer significant global expansion assistance to companies both inside and outside of North America. In support of a founder’s vision, OpenView Venture Partners provides financial, strategic, operational and practical support in a highly collaborative way, on an as-needed basis.
About Oyster Capital Partners
Oyster Capital Partners is a business creation company founded by Bill McCabe. It primarily in-vests in three areas; Information Technology, Healthcare opportunities and Energy Technolo-gy. One of its early investments was an Irish technology company called Parthus. Parthus had a very successful IPO in London and New York.
Other examples of Oyster investments include Fleetmatics and GCAL. Oyster founded Fleetmatics approximately six years ago. This company went public on NASDAQ in the 4th quar-ter of 2012. It is currently valued at around $1b. GCAL is a medical device business which is growing rapidly and is highly successful and profitable. It is one of the largest non-US breast aesthetic companies in the world. Other companies in the portfolio include Novaerus, DataHug, Dedsert and WebTitan.
About Atlantic Bridge Capital
Atlantic Bridge is a growth equity fund focused on technology investments with offices in Dublin, London and Silicon Valley.
We believe in the entrepreneur and support management teams that have the vision and ambition to exploit major growth opportunities. Our team of seasoned entrepreneurs, experienced manag-ers, finance professionals and investment experts possess decades of experience growing suc-cessful technology businesses globally. This wealth of experience and extensive industry contacts adds value above and beyond a purely financial investment.
The firm's investors include the founders, leading institutional investors and private investors with a track record of successful technology investments.