Tank Stream Ventures, Starfish Ventures and 500 Startups have backed BugHerd to assist with product expansion.
Last week we shared the great news about our future plans for BugHerd, which has generated plenty of excitement amongst customers and the tech community.
We couldn't have started upon this new leg of the journey with a nudge of the financial kind. So we're glad to announce that we've secured $1M of Series A funding from Australian-based Tank Stream Ventures and Starfish Ventures, in conjunction with US-based 500 startups.
The funds will allow the us to accelerate our growth plans and enable us to hire more people with a focus on delivering Stack, Brief and the new and improved version of BugHerd to market as soon as possible.
The bulk of the funds have been received from Tank Stream Ventures and Starfish Ventures, who believe our previous success and high growth leave us well-placed to capitalise on this vision.
"Software is present more than ever in today’s world and BugHerd has an ambitious vision to transform the way businesses develop online projects in a collaborative way,” said Tank Stream Ventures Investment Manager Rui Rodrigues.
“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.”
Starfish Ventures Investment Director Anthony Glenning said “Starfish is delighted with Bugherd’s growth to date. The expanded product offering envisioned is set to continue that high growth trajectory. Starfish is excited to participate again in helping Bugherd achieve its goals.”
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,” he said.
We're pretty excited to be able to share this news with everyone and can't wait to keep you updated on our progress. Make sure you follow @get_stack and @bugherd to stay in the loop. Or you can sign up to our newsletter below.