Tiger Global-backed proptech firm bags $35m in series B money

Facilio, an AI-driven proptech platform, has raised US$35 million in a series B funding round led by Dragoneer Investment Group. Brookfield Growth and existing investors Accel India and Tiger Global Management also participated in the round.

(From left) Facilio founders Yogendra Babu, Prabhu Ramachandran, Krishnamoorthy Rangasamy, Rajavel Subramanian / Photo credit: Facilio

Facilio provides AI-based solutions to help firms manage and control real estate operations remotely. Its solutions are deployed across commercial office buildings, retail chains, hospital systems, and school campuses, among others.

Headquartered in New York, Facilio has offices in India, Singapore, the United Arab Emirates, and Australia.

In December 2018, the company raised US$6.4 million in a series A funding round led by Tiger Global and Accel.

Facilio was founded in 2017 by former Zoho employees Prabhu Ramachandran, Rajavel Subramanian, Yogendra Babu, and Krishnamoorthi Rangasamy.

Ramachandran told Tech in Asia that Facilio wants to tap into the smart building SaaS market, which is projected to hit US$265.4 billion by 2028.

He revealed that the company currently has more than 40 clients spread out across India, the Middle East, the US, Europe, the UK, Singapore, Australia, and Brazil. These customers are large enterprises that own at least 5 million square feet of real estate. Ramachandran said that Brookfield, which also participated in the funding round, is one of its clients.

Facilio, he added, took two years to build, and most of the business was launched after the pandemic. There was a brief lull when the global health crisis broke out, but Ramachandran said the business has since picked up.

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While he didn’t disclose the company’s financials, he said the firm recorded 4x year-over-year revenue growth in 2021. He expects the firm will continue this growth in 2022 as well.

“We should be able to break even sometime next year,” he added.

Facilio plans to use the fresh capital to expand its local teams – especially in verticals such as sales, pre-sales, and customer support – with a goal to increase its headcount from 125 to 200 people by the end of the year.

“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,” Ramachandran said in a statement.