awork closes €5 million Series-A to become No.1 in the DACH region

Work management tool on its way to becoming No.1 in the DACH region

  • European investor Hi Inov-Dentressangle and Swiss VC Swiss Post Ventures join as new investors.
  • The fresh capital will be used by awork to establish itself in the DACH region further.
  • The current number of corporate clients is expected to increase from 2,200 to over 4,000 in the coming year.

Hamburg, January 18, 2023 – Hamburg-based start-up awork has developed a work management tool that helps teams collaborate better and more efficiently digitally. The company has now secured Series A funding of €5 million for further growth. The new investors are Hi Inov-Dentressangle, a European B2B investor focused on companies with robust technologies, and Swiss Post Ventures. In addition, the founders and existing investors themselves are also participating in the investment round. awork plans to use the fresh capital to expand the team by an additional 15 employees and double the number of users in the coming year. With 2,200 corporate customers, including thjnk, fischerAppelt, Ströer and EnBW, the tool has over 17,000 users already.

Hybrid forms of work are now the norm, and flexible, decentralized working will be the standard in the future. However, many companies have not yet found the right infrastructure to meet the new requirements for digital work organization. The market for software tools that offer a potential solution is large and is expected to grow to an estimated $9.81 billion over the next five years. However, there are hardly any providers that focus on the new generation of teams and can keep pace with the quickly changing world of work.

Driving the revolution in the modern world of work with awork

« The funding round comes at a key moment – not only in our development at awork, but also in the world of work. The new-work revolution is everywhere and teams finally want to collaborate happily digitally. I think we’re on the right track to turn the entire work management landscape upside down, » said Tobias Hagenau, CEO and Co-Founder of awork.

The Hamburg-based startup was founded in 2019 by Tobias Hagenau, Lucas Bauche and Nils Czernig to help teams work better and happier together in the digital world.

« awork has developed a smart tool that contributes significantly to solving fundamental problems in digital collaboration. The work management tools market is expected to grow in the next few years. However, many providers fail to meet the requirements of the modern working world. awork is growing where teams will be looking for tools in the future, and thus much faster than the rest of the industry. We have recognized this potential and look forward to driving further growth together, » says Wolfgang Krause, Partner at Hi Inov-Dentressangle. He further adds, « We see awork as the leading tool for the modern working world in Germany, Austria and Switzerland and want to accompany them on their way to becoming number 1 in the DACH region. »