Property management software startup HappyCo, founded in Adelaide and now headquartered in San Francisco, has just closed the third and final tranche of a $US10.8 million ($A14 million) equity raising.
The Series A round was led by Sydney-based Alium Capital Management, which specialises in pre-IPO companies.
Investors included Australia-based Tempus Partners and PieLab Venture Partners, as well as existing investors Larsen Ventures and Sandalphon Capital.
HappyCo is a real-time platform for inspecting, managing and monitoring residential properties and commercial facilities.
It is used to manage more than 1.2 million units by companies such as Airbnb, Softbank/Fortress and Vicinity Centres.
The company was founded in Adelaide in 2011 and has been headquartered in San Francisco since 2012.
“HappyCo is a modern Australian success story, and we see a very bright future ahead because of its industry-leading technology and proven track record of execution,” says Alium partner Rajeev Gupta.
“We focus our investments in Australia-based companies that will build highly-scalable and globally-dominant businesses, and HappyCo has that perfect recipe.”
HappyCo will use the raising to invest in research and development in Australia and the US and build out its support team to sustain a growing Asia-Pacific customer base.
Alister Coleman, managing partner of Sydney-based venture capital firm Tempus Partners, believes HappyCo is a key player in disrupting one of the world’s most valuable industries.
“(CEO and founder) Jindou (Lee) and the HappyCo team have built a world-class platform that is transforming the way property and site inspections are conducted across the corporate-managed real estate industry — a market with over $7 trillion of assets that is in the middle of migrating to the cloud.
“We are thrilled to back a laser-focused team that has achieved international success and a global customer base, yet retained its engineering talent and roots in Adelaide.”