Tegus, the leading market intelligence platform for decision makers, announces a $90 million Series B funding round led by Oberndorf Enterprises and Willoughby Capital.
Founded in 2017 by twin brothers Michael and Thomas Elnick, Tegus has revolutionized the research process for decision makers at top institutional investment firms, Fortune 1000 enterprises, investment banks, and consultancies.
Tegus now serves more than 1,000 customers, a 300% increase in the last year. Tegus will use the recent investment to continue its rapid expansion, to broaden its data offering, and to accelerate the development of its product suite. Company headcount has grown from 115 employees last year to over 300 today. Tegus plans to hire more than 400 new employees next year as the company scales sales, product, and engineering teams to meet customer demand.
Tegus is also taking this opportunity to jump-start its European expansion, opening a new office in Waterford, Ireland. The Company is hiring for a wide range of go-to-market and operations roles in Europe. Over the next two years, the Company has committed to hiring an additional 100 team members in the region.
"Every company in every industry relies on qualitative insights and information to make better decisions, faster," said Thomas Elnick, Founder and Co-CEO of Tegus. "Tegus created a modern research hub which rapidly educates users on the most relevant business topics, enabling informed decisions."
"Today's announcement reflects the strength of our business, the enormous customer demand for our products and the incredible opportunity ahead," said Michael Elnick, Founder and Co-CEO. "Our investor base is unique in that all of them have been Tegus customers for many years. We feel fortunate that our largest investors are also daily users of our product, and we are excited to partner with Oberndorf and Willoughby to draw on their experience building differentiated companies for the very long-term."
Tegus has filled key leadership roles this year, adding a team of seasoned executives who have been instrumental in leading hyper-growth organizations, including CPO Tim Anderson (Zapier, Glassdoor), CTO Ryan Aylward (Glassdoor), and GC/CCO Jason Howard (SEC).
"In a few short years Tegus built the most comprehensive primary diligence platform in the industry. We feel grateful to invest alongside such a talented team. Their product has dramatically improved our investment process and we look forward to seeing what Tom, Mike, and the Tegus team build next," said William E. Oberndorf, Chairman of Oberndorf Enterprises.
"Tom and Mike have created a product that revolutionizes the primary research industry," said Daniel Och, Founder and CEO of Willoughby Capital. "As customers, we see first-hand the incredible efficiencies and valuable insights driven by the platform. We are very pleased to support Tom and Mike in building Tegus for the long term."