As reported by Malia Spencer, Portland Business Journal
Fast-growing Jama Software is adding fuel to its fire with a $20 million series C funding round aimed at building out more product capabilities.
As part of this round, the company is also bringing on a new investor in Updata Partners. The Washington, D.C.-based private equity firm is no stranger to Portland: it invested in Viewpoint Construction Software and recently purchased Ruby Receptionists.
Also included in the round were existing investors Trinity Ventures, Madrona Ventures and members of Oregon Angel Fund.
The round puts Jama’s total funding at $33 million.
CEO Eric Winquist said the round will help the company add capabilities to its collaboration software, especially for customers that are in highly regulated areas such as medical devices, financial services and consumer electronics.
“This allows us to double down on the success we have been having,” he said.
Jama’s product helps customers through their own product design process. The software allows the right people to collaborate at the right time in the development cycle.
Initially, the company worked with clients who build highly complex products in markets such as medical and aerospace.
However, as the Internet of things and wearables have taken off, complexity has come to more markets.
“When we started eight years ago IoT was just starting,” Winquist said, noting that the iPhone had just hit the market and devices like Fitbit were brand new. “Our sweet spot was hardware and software systems and that has taken off in the last 18 months. We have seen the market shift and all companies are becoming systems engineering companies.”
This year the company moved into a new office at 135 S.W. Taylor St. that allows all 140 employees to work under one roof (click through the photos to get a glimpse inside the space).
Winquist expects Jama will add another 50 employees this year.
As part of the funding round, Jon Seeber from Updata and Tim Porter from Madrona will join Jama’s board of directors.
