Irish project management software company Teamwork has raised $70m in funding.

The money is being provided by European technology growth capital firm, Bregal Milestone, and will be used to further propel the company's growth.

It is the first time that the Cork headquartered boot-strapped firm has received any external funding.

The software as a service provider was founded in 2007 by EY Entrepreneur of the Year award winners, Peter Coppinger and Daniel Mackey.

Since then it has grown to have 270 employees in five countries.

Its products are now used by 20,000 teams in 170 countries.

"We couldn’t be more excited to work with the fantastic team at Bregal Milestone to accelerate our growth and bring our strategic vision to fruition," said Peter Coppinger, Co-Founder and CEO of Teamwork.

"As founders of an agency ourselves in a past life, we know exactly what our client services customers need from a project management solution to run a more profitable, organized, and efficient business".

Teamwork software is used to track, manage, and invoice projects and also offers a range of other integrated services including helpdesk, collaboration, knowledge sharing and customer relationship tools.

"Against the backdrop of rapid adoption of remote working and the increased demand for better workforce collaboration, Teamwork is well positioned to continue its successful track record and generate accelerated grow," said Ian Kwok, Principal of Bregal Milestone.