PSG’s investment seeks to create a leading cloud software suite of core workflow solutions for creative services companies
Rodeo (the “Company”), a leading cloud-native project management software provider with a focus on creative services companies, announced it has secured a significant strategic growth investment from PSG, a leading growth equity firm partnering with middle-market software and technology-enabled services companies to help accelerate their growth.
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“We believe that Rodeo is well-positioned to benefit from the growing adoption of project management software tools and has the potential to become the leading cloud software champion for the creative services sector.”
Rodeo offers an all-in-one project management software that optimizes the workflows of creative services companies by harmonizing planning, administration and reporting processes. The Company’s solution covers the entire project lifecycle, seamlessly connecting each step of the process from the budget to estimate, planning, time-tracking, invoicing and reporting.
Rodeo achieved strong product-market fit through an easy-to-use product with an intuitive user interface that is built around the workflows of creative services companies. The Company’s comprehensive project management software tools help customers manage their day-to-day project work and gain greater transparency into project-level profitability.
Rodeo combines a strong organic ARR growth profile with SaaS KPIs among the best-in-class. The Company serves a significant customer base including marketing and advertising agencies, design and architecture firms, media companies and other creative organizations across The Netherlands, US, Germany and UK. Rodeo was founded in 2016 in Amsterdam by CEO Pieter Vos, and today has a presence in the US with offices in New York and Atlanta. In May 2022, Rodeo was chosen as the Best Performing SaaS Company of 2022 by MT/Sprout as part of the publication’s list of the hundred best performing SaaS companies in the Netherlands.
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Following the transaction, Rodeo will continue to be led by its existing management team and will work in partnership with PSG and existing investors in seeking to accelerate its growth through increased GTM investment and geographical expansion. PSG will also support Rodeo in implementing a focused buy-and-build strategy to acquire additional products that support the core workflows of creative services companies to create a comprehensive cloud suite of software solutions.
Pieter Vos, Founder and CEO of Rodeo, said, “We believe that we have found an excellent partner in PSG based on the firm’s significant experience in supporting founder-led software companies seeking to build category leaders. We are looking forward to working with the team at PSG to identify and execute on new opportunities to further accelerate our growth organically and through M&A.”
“We are delighted to be partnering with Pieter and the team at Rodeo as we look to build on the company’s position as a market leader in project management software for the creative services vertical,” added Christian Stein, Managing Director at PSG. “We believe that Rodeo is well-positioned to benefit from the growing adoption of project management software tools and has the potential to become the leading cloud software champion for the creative services sector.”
Reinder Lubbers, Managing Founder of No Such Ventures, said, “As lead investor of the previous funding round, we can only congratulate CEO Pieter and his colleagues on their continued stellar performance. This has resulted in Rodeo’s partnership with PSG, a high-quality and value-adding investor, who we warmly welcome to Rodeo’s cap table.”
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