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Facilio, the Chennai/US-based enterprise SaaS product company, has raised $35 million in Series B financing led by Dragoneer Investment Group, with participation from Brookfield Growth and existing investors Accel India and Tiger Global Management.
With the latest round of funding, the property operations software platform provider has so far raised $45.5 million.
“On day one of starting the company in 2017, Facilio got a seed funding of $1 million from Accel. In Series A in 2018, it raised $6.5 million from Tiger Global and Accel. In 2021, it raised another $3 million in Series A1 from the same two investors,” Prabhu Ramachandran, Founder & CEO, Facilio, told BusinessLine. He did not disclose the company’s valuation or the shareholding after the latest round of funding.
The funding will help in R&D; develop more products; strengthen presence in the global market and grow the team across sales, marketing and engineering in markets like the US, UK, Europe, Middle East, Singapore and Australia. The company has a team of 125, and will end the year with 200, Ramachandran added.
Company’s profile
Facilio offers a unified software platform that leverages an AI-led predictive engine to help real estate portfolios digitise processes and optimise their property operations. The solution aggregates data from multiple, disconnected systems across portfolios into an integrated, cloud-based platform, helping operations and maintenance teams become data-driven and agile.
Currently, Facilio is solving operational problems for over 10,000 properties and over 100 million sq ft in 12 countries. It has around 40 larger enterprise customers, including Brookefield, Brigade and Sutherland, across the commercial office, healthcare, retail, banking, and government real estate categories, he said.
“Our customers understand that success in a post-pandemic world will be achieved by driving efficiency gains and delivering smooth customer experiences,” said Ramachandran.
Facilio competes with giants like IBM, Honeywell and Johnsons Control in the $50 billion commercial real estate-focused operations software market. It has been winning deals due to the AI-based predictive approach that increases operational effectiveness of clients, he added.