Newforma, a project information management (PIM) software company integrating people, projects and processes to transform building and infrastructure project delivery, announced today that it has closed a US$5.1 million Series D venture capital round to drive faster growth, develop new products, and expand into new geographic markets. Existing investors North Bridge Venture Partners, Kodiak Venture Partners, and Borealis Ventures all participated in the round.
“For years now, Newforma has achieved solid growth on the strength of its earnings alone,” saidRich D’Amore, managing partner of North Bridge Venture Partners. “It’s precisely because of that growth that we’re supporting this new round of Series D funding. The company has demonstrated its ability to be very capital-efficient in developing compelling products that deliver tremendous ROI for its customers, capturing a 99 percent renewal rate based on pure SaaS revenues.”