Proptech startup Facilio raises $35 mn from Dragoneer, Tiger Global, others

Facilio, a leading property operations software platform player, on Tuesday announced that it has raised $35 million in Series B led by Dragoneer Investment Group with participation from Brookfield Growth and existing investors Accel India and Tiger Global Management.

"This investment will allow us to extend our market leadership, expand sales and marketing, and enable more companies to reach success through a predictive, connected model of real estate operations,” said Prabhu Ramachandran, Founder and chief executive officer, Facilio.

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 [O&M] teams become data-driven and agile. The platform encompasses a suite of SaaS applications for maintenance and operational visibility, sustainability, and remote equipment performance monitoring. Currently Facilio, is solving operational problems for over 10,000 properties, over 100 million square feet across 12 countries.

 “We are uniquely positioned to accelerate digital transformation in the built world and lead the industry’s transition towards IoT-led connected buildings," he said. In the $50 billion commercial real estate-focused operations software market, Facilio has established a broad, global customer base and is rapidly gaining share with faster-than-market sales growth across multiple geographies.  The company’s portfolio-scale deployments includes over 40 larger enterprise customers across the commercial office, healthcare, retail, banking, and government real estate categories.

“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. “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.”

Facilio looks into guiding real estate portfolios through their digital transformation journey with its advanced IoT-native and mobile-first product offerings. “We have been customers of Facilio and now it's incredible to be a partner in their journey,” said Josh Raffaelli, Managing Partner at Brookfield. “What Prabhu and the team are building isn’t merely a great product portfolio but a movement towards data-led property operations. The company is writing the blueprint for how modern real estate portfolios will operate in the next decade and beyond.”

Founded four years ago by Prabhu Ramachandran, Rajavel Subramanian, Krishnamoorthi Rangasamy, and Yogendra Babu, Facilio has been defining and building the category growth. Similar to how Salesforce is to customer management and ServiceNow is to IT services management in today’s enterprise software categories, Facilio aims to build the operations management cloud platform unifying field workforce processes and infrastructure IoT data, in one place.