Canadian Startup Tasktop Technologies Raises $11 Million to Fuel Expansion

Tasktop Technologies, creator of the Eclipse Mylyn open source tool, today announced that it has closed a Series A round.

The $11 million round was led by Austin Ventures, syndicated with Yaletown Venture Partners. The Vancouver-based startup says the funding will help the company “maximize the reach of its successful software lifecycle integration platform by expanding into new markets.”

Mik Kersten, Tasktop’s founder and CEO, held off raising capital for a while.

“After bootstrapping to 70 people over seven years,” he says, “this investment will accelerate the growth of our customer-facing team to keep up with the market demand, as well as dramatically expand the reach of our integration platform.”

Tasktop also announced that John Thornton, General Partner at Austin Ventures, and Mike Satterfield, Partner at Yaletown Venture Partners, have joined the Tasktop board of directors.

“Tasktop’s success to date is not surprising. They’ve put together a top-notch management team, cultivated key partnerships and developed an enterprise-grade product for an under-served market,” said John Thornton, General Partner, Austin Ventures.

“We’re pleased to be investing in another success story born in Canada,” stated Mike Satterfield, Partner at Vancouver-based Yaletown Venture Partners.

Tasktop was founded in 2007.