Time Tracking Developer TSheets Receives $15 Million in Funding

The company that makes the cloud-based time tracking System TSheets has received a $15 million growth equity investment from Summit Partners, a global growth equity firm that has invested in more than 400 companies in technology, healthcare, and other high growth sectors.

The company plans to use the funding, in part, to speed up the development and deployment of customer-requested features voted in at the company’s online help center.

Founded in 2006 and headquartered in Eagle, Idaho, TSheets took off as an accounting industry phenomenon for its online, mobile, and versatile employee time cards that sync with QuickBooks and other best-of-breed small business software. TSheets expects 100 percent year-over-year growth for the third year, with customers in 100 countries, 80+ employees, and a satellite office in Sydney, Australia. TSheets is poised to track time for over $8 billion in payroll in the next 12 months. TSheets has more than 1,400 five-star reviews on Intuit’s apps.com.

Summit Partners brings a wealth of resources to bear — each of which is focused on helping expansion-stage companies navigate the challenges of rapid growth. Summit has funded companies such as Uber, Gainsight, Solutionreach and WebEx in the small business and accounting tech sectors.

“When a top-ranked app like TSheets collaborates with an experienced growth equity partner, the benefits accrue for the end user and company alike,” said Greg Goldfarb, Managing Director of Summit Partners. “More customers gain access to an innovative, disruptive product that saves them time and money; TSheets gains the capital to rapidly expand features, reach, usability, support and the opportunity to execute on a long term vision for the future.”

“We’re committed to making accountants look good for referring customers to TSheets,” stated Matt Rissell, TSheets co-founder and CEO. “This incredible growth equity opportunity helps position our product and supercharge the support of our TSheets PROs in a way that will only make us better and more responsive to what their small business clients need to make time tracking work.”