[Funding alert] Property operations software provider Facilio raises $35M led by Dragoneer Investment

Chennai-based property operation platform Facilio has announced raising $35 million as part of its Series B round of funding led by Dragoneer Investment Groupwith participation from Brookfield Growth. Returning investors Accel India and Tiger Global Management also participated in the round.

With the current round,  the total amount of equity capital raised by the company stands at $45.5 million. It had raised its seed round from Accel ahead of its market launch, which was followed by its $6.4 million Series A round of funding led by Tiger Global and Accel in 2018. 

The company will utilise the fresh round of capital to grow its customer-facing teams in its primary markets in the US, Europe, and other geographies, apart from investing in research and development and rolling out new product categories, said Prabhu Ramachandran, Co-founder and CEO at Facilio.

Founded in 2017 by former Zoho executives Prabhu, Yogendrababu Venkatapathy, Krishnamoorthi Rangasamy, and Rajavel Subramanian, Facilio offers a unified software platform for commercial real estate managers including IT parks, offices, airports, hotels, hospitals, universities, among others. The platform helps these real estate managers digitise processes and optimise their property operations. 

“We are a pure software play and our platform can speak on standardised protocols, which integrates existing systems or hardware such as IoT devices. Our software can be remotely installed and we offer multiple configurations,” Prabhu told YourStory. 

The platform has three offerings which address operations and maintenance through a field-force interface, sustainability management to monitor energy consumption and an app for the occupants to raise service requests and billing management, among other services. 

Currently Facilio offers its services to over 10,000 properties across 12 countries. Brookfield was one of the early customers of Facilio, said Prabhu, before joining the current round. “In fact, we signed on most of our customers in the last 18 months as the concerns grew multifold after the pandemic,” Prabhu told YourStory. 

The company currently has an Annual Recurring Revenue of less than $5 million, with a projected year-on-year growth of 4x in revenue terms for FY 2021-22. 

ALSO READ

Buildings are a lot more than just bricks and mortar: Facilio Co-founder Prabhu Ramachandran

“Facilio has unlocked a world of potential with its AI-based predictive approach to increase operational effectiveness,” said Eric Jones, Partner at Dragoneer Investment Group in a statement issued by the company.

“We were blown away by the customer love that Facilio receives from their diverse roster of global clients. The company is on its way to revolutionising operations for real estate portfolios and we are proud to support this customer-obsessed team.”