We decided to add to our current investment in AppFolio because we are very impressed with how quickly they have added customers, the maturity of the product and the strength of the team
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Santa Barbara, Calif. (PRWEB) August 18, 2009
AppFolio, Inc. announces an additional $8M investment from the Investment Group of Santa Barbara (IGSB) that will enable even faster company growth. Recognizing the market need, strength of the AppFolio team and early success of AppFolio's web-based property management software, IGSB is significantly increasing their investment in AppFolio.
"We decided to add to our current investment in AppFolio because we are very impressed with how quickly they have added customers, the maturity of the product and the strength of the team," said Tim Bliss from IGSB. "It is clear that the property management market is eager for a company like AppFolio and we are sure that AppFolio has all of the right ingredients for long-term and successful growth."
AppFolio has now raised a total of $30M, an impressive achievement in the current economy. "Although we were not actively raising additional funding as we are on target with our growth plan, we are thrilled that IGSB and our investors have so much confidence in our company," said Brian Donahoo, AppFolio CEO. "We are very excited about the company we're building - we have an excellent team, great product and loyal customers. With this investment we will accelerate our growth in all of these areas."
Headquartered in Santa Barbara, AppFolio was started by a team of technology leaders with proven experience creating software that businesses love to use. AppFolio creates complete, easy-to-use, web-based solutions for multiple vertical markets and the first AppFolio product, AppFolio Property Manager, was specifically created for small and mid-sized residential property managers. With investors including Cisco Systems, BV Capital and the Investment Group of Santa Barbara, AppFolio has secured $30 million in funding to date.
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