Alium and Tempus Provide Lead Funding on Final Tranche of Series A Institutional Round for Real Estate Technology Company.
HappyCo announced today that it has completed the third and final tranche of its Series A funding round led by Sydney-based Alium Capital Management, which specialises in pre-IPO companies. Investing alongside Alium are Australia-based Tempus Partners and PieLab Venture Partners, as well as existing investors including Larsen Ventures and Sandalphon Capital. HappyCo is the leading real-time operations platform for inspecting, managing and monitoring residential properties and commercial facilities, and 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 based in San Francisco since 2012. The total value of the entire Series A round is USD $10.8MM.
"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."
With this round, HappyCo will invest in R&D operations in Australia and the U.S. and build out the support team to sustain its growing Asia-Pacific customer base. This round demonstrates HappyCo's increasing market share as a leading technology provider to Australia's real estate and financial sectors. Chris Rolls, Managing Director of PieLab, says, "We're delighted to be involved with such a high-growth business that is playing a critical part in the technology ecosystem of the global real estate management market. HappyCo's platform is deeply integrated into the operations of companies who manage billions of dollars of property globally."
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. "Jindou 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 dollars 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."
HappyCo is a remote software company with offices in San Francisco and Adelaide that builds mobile and cloud solutions to enable real-time property data. Its Happy Property flagship product suite has 2.3M units on its platform and has captured more than 239 million photos. The company was founded in 2011 and is privately held.
Director, Corporate & Product Marketing, HappyCo