Dive Brief:

• Limble secured a $58 million series B funding round led by Goldman Sachs Asset Management’s $5.2 billion growth equity fund, according to a press release sent to Facilities Dive.
• The computerized maintenance management system provider will channel the investment toward expanding its product portfolio and user interface, while accelerating its go-to-market strategy.
• The fundraise, which brings Limble’s total valuation to $450 million, follows a 130% increase in revenue and 240% increase in headcount over the past 12 months.

Dive Insight:

The growing availability of data on buildings and their energy use, along with new air filtration, electrical, plumbing and lighting assets, is pushing facilities management professionals toward CMMS products to evaluate, analyze and control systems and sensors in their buildings. 

While checking assets on a schedule or looking at utility bills may have been enough to keep a handle of facility maintenance in the past, energy efficiency targets, high inflation and labor shortages have underscored how critical it is to track every asset in a building, and make sure maintenance operations run as efficiently as possible.

Bryan Christiansen, CEO and founder of Limble, told Facilities Dive that many facilities have CMMS software, but most do not provide the tools or solutions they need. He said while predictive maintenance and IoT sensors can be game-changers for the industry, right now most general facilities are actually in need of more basic management software. 

“Honestly, a lot of them are just trying to get the basics of just having a work order system place and actually tracking. Three years from now, that could change when the adoption is there,” he said. “I most definitely see it going that way. … But right now, the technicians, again, they're chasing around all of the stuff that's written, and they have no time to set up monitoring.”

The company says that by setting up a CMMS correctly, operators can reduce reactive maintenance by more than 70%, increase productivity by 28%, lower downtime by more than 30% and reduce parts spend by 23%. It also says that in 2022 alone, its customers have saved $134 million in total downtime costs, $68 million in parts spending and $442 million in reduced labor costs. 

Founded in 2015, Limble’s CMMS software is designed to help facilities managers and maintenance professionals tackle these facility data points and keep operations running smoothly. The company says its software will help users execute on preventative maintenance strategies, manage assets, control inventory, and build and organize workflow while reducing overall operating costs.

John Connolly, senior advisor to Goldman Sachs Asset Management’s growth equity team will join Limble’s board of directors to advise the company on the next phase of its growth, along with former KnowBe4 CRO Lars Letonoff, Elephant founder Jeremiah Daly and Brendan Hardin of Goldman Sachs’ growth equity business.

While Limble positions itself as a more modern CMMS system, its technology faces competition from rival players, including Infor, eMaint, ServiceChannel, Accruent, Corrigo and Cityworks. 

One of the largest players in the space, Infor's MP2 program, was purchased by Hexagon for $2.7 billion in 2021. However, Hexagon recently announced it would no longer sell MP2, a software which serves approximately 15,000 worldwide installations, according to MRO. 

Limble finds itself at a crucial junction amid growing market demand as major players fall out or behind in the technology used to manage building operations. The company now aims to use the series B funding to quickly reach new customers, bolster its reputation and get its system in as many buildings as possible.