Enterprise tech startup Deployed has secured the backing of Microsoft’s venture capital arm in a $4m (£3.2m) seed funding round for its project management software.
The London-based startup has developed a scoping platform that aims to simplify writing, editing and publishing statements of work.
A statement of work is a document that describes a project’s requirements, including the scope of work being provided, project deliverables, timelines, work location, and payment terms and conditions.
According to Deployed, 65% of projects fail to meet original objectives and one in 10 ends in legal or payment disputes.
The platform’s aim is to make projects clearer and more successful by “reinventing the copy-pasted patchwork of email, Word and Excel processes involved in writing, agreeing, and signing contracted work”.
Emma Rees, CEO and co-founder of Deployed, said: “With most corporate work now globally distributed, project-based and delivered by third parties, we need a new way to engage for services. We started Deployed to help everyone define work better and align on clear objectives early on.”
The round was co-led by Amrock Ventures and M12 Microsoft Ventures, with participation from Portfolio Ventures, Mayfield Fund, HERmesa and Angel Academe.
Deployed will use its latest round of funding to advance feature development, apply assisted writing and generative AI, expand new and existing enterprise clients and boost hires. The company currently works with large enterprise clients including Randstad Sourceright, Talent Solutions TAPFIN and Roche.
Hugo Chardon, co-founder of Amrock Ventures, said: “I was taken from the very first pitch that this was solving a problem that has been slipping through the gaps of corporate governance. It was very clear that the founding team, Emma, Kayleigh, and Jamie, were a winning one, bringing deep expertise and a balanced mindset.”
In 2020, the company won the global Melinda Gates Female Founders Award for enterprise technology.