BugHerd raises $1M to revamp its new project management product Stack
BugHerd today announced that it has secured $1 million in Series A funding from Australian-based Tank Stream Ventures and Starfish Ventures, as well as US-based 500 startups.
The company, which offers a simple bug tracker tool for web developers and designers, has over 50,000 users worldwide and draws in 1,000 new business customers every month. BugHerd’s clients include large digital agencies such as JWT, DDB, Publicis and BBDO, as well as globally-recognised brands such as McDonalds, Ford, AT&T and Renault.
The latest round of funding will be used to accelerate its growth plans and revamp one of its products Stack. Unlike many “generic” task board tools on the market, BugHerd’s Stack offers a fully customisable task board, designed specifically for delivering software and digital projects. The plan is to make Stack a more robust and powerful project management system, and compatible across web, desktop and mobile applications.
“There are plenty of bug trackers and project management tools out there, but they tend to put a focus solely on the development team, forgetting that there are other people involved in the project. This is a dilemma we can solve”, says Alan Downie, BugHerd’s Co-Founder and CEO, in a media release.
“As product development timelines shrink and design becomes mission-critical, regular feedback from stakeholders and clients using tools like BugHerd can make thousands of dollars difference to a project’s budget.”.
A majority of the funds were retrieved from Australian based Tank Stream Ventures and Starfish Ventures, who believe BugHerd’s track record and scalability will allow them to capitalise on its vision.
“TSV has a strong focus on software-as-a-service businesses and we’re thrilled to be working with the BugHerd team, who we believe have managed to build significant traction and are well placed to execute on that vision,” said Tank Stream Ventures Investment Manager Rui Rodrigues, in a media release.
500 Startups founder Dave McClure said he was increasingly looking outside the US for promising investments: “Although Silicon Valley is still a Mecca for startups, most of the world’s growth markets are outside the US. That’s where we plan to invest.”