When Vancouver-based Tasktop set out to raise funding last year, its leaders criss-crossed Canada and the U.S. meeting with potential investors.
But ultimately, the company, which has its U.S. headquarters in Austin, found its lead venture capital investor here.
“We traveled all over for months, meeting with Canadian VCs, Silicon VCs, and many in between, but we found the best fit was investors in Austin, because of the understanding of enterprise software,” said Neelan Choksi, who is Tasktop’s chief operating officer and is based here.
The company on Thursday announced it has raised $11.3 million to ramp up sales, marketing and development.
The lead investor in the deal was Austin-based AVX Partners, with participation from existing investors including Austin Ventures and Capital Factory. The company previously raised $11 million in 2014.
Founded in 2007, Tasktop creates software that automates the software development process and improves collaboration across large companies.
Tasktop opened its first U.S. office in Austin in 2012 because many of its partners, from IBM to small software startups, have operations here.
Austin is home to Tasktop’s U.S.-based sales and marketing operations, while research and development takes place in Vancouver. The company has about just over 100 employees, with about 15 in Austin, and plans to add jobs at both locations.
Tasktop has 1,500 customers in financial services, insurance, government and manufacturing industries. Customers include Daimler, Bosch and Dish Network.
The company will use the funding to continue building out its latest product, Tasktop Integration Hub, which provides a view across the entire cycle of developing and releasing software, and allows collaboration even if there are hundreds of projects or tens of thousands of users.
As it seeks to recruit employees, Choksi said being in Austin gives the Vancouver company an advantage.
“In the war for talent, it matters,” he said. “Our offices are downtown across the street from Whole Foods. We just grabbed some more office space next door, so we’ve expanded our footprint. Our location lets us pull people from both North and South, and that’s been great.”
Tasktop, which is privately held, does not release financial information. But the company said revenue grew by more than 75 percent in 2016, compared with the previous year.
Chris Pacitti, founding partner of AVX, said Tasktop “has built a uniquely innovative product and a very impressive customer roster, already providing the software delivery integration layer for 43 of the Fortune 100. With this acceleration, Tasktop will bring those same benefits to software innovators around the globe.”
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