AppFolio, Inc. Secures $5 Million in Series A Funding

Santa Barbara, CA -- February 20, 2007

AppFolio, Inc., the leader in vertical SaaS solutions for small and mid-sized businesses, announced today that it has secured $5 million in Series A funding lead by BV Capital. This early-stage funding will facilitate product development for AppFolio Property Manager (AppFolio’s first product, the launch of which is slated for Q2 2008,) as well as research for future products.

AppFolio, Inc., founded in 2007 by the team of technology leaders who brought to market billion-dollar Web-based software solutions including GoToMyPC, GoToAssist, and GoToMeeting, is dedicated to bringing online, enterprise-class business software to small and mid-sized businesses, one industry at a time.

“We believe that vertical applications are going to be the next big opportunity in the software as a service market, and AppFolio is uniquely positioned to capitalize on it,” said Mathias Schilling, Managing Partner at BV Capital. “This team has a proven understanding of how to maximize the software as a service model, as well as of the needs of small businesses. We’re confident that their experience, coupled with a great market opportunity, will make AppFolio a success that BV Capital wants to be a part of.”

Web-based business software made easy.
AppFolio Property Manager, the first AppFolio product, was specifically created for small and mid-sized residential property managers. AppFolio Property Manager revolutionizes the tough job of residential property management by integrating all aspects of a property managers business from accounting to reporting into one streamlined, online solution. AppFolio Property Manager's intuitive design eliminates the cost and time spent on training. Easy, step-by-step workflow and features like universal search make cumbersome tasks easy. Fast, customizable reporting delivers critical business metrics at a glance. AppFolio Property Manager is what property management software was meant to be: a solution.

Headquartered in Santa Barbara, California, AppFolio, Inc. was founded by a team of technology leaders with proven backgrounds in creating revolutionary, software that businesses and individuals love to use. AppFolio creates complete, easy to use, software-as-a-service business solutions for multiple vertical markets. With investors including Cisco Systems, BV Capital and the Investment Group of Santa Barbara, AppFolio has secured $22 million in funding to date.

BV Capital, headquartered in San Francisco and Hamburg, Germany, is an early-stage venture capital firm with a global perspective. Established in 1998, BV focuses exclusively on the digital media sector. BV's team brings significant expertise and support to entrepreneurs who strive to turn ideas into long-term, sustainable growth companies. In addition to Angie's List, BV's portfolio includes many successes such as shopping.com (acquired by Ebay), del.icio.us (acquired by Yahoo), Expertcity/GoToMyPC (Acquired by Citrix), eGroups (acquired by Yahoo) and HiMedia (HIM.PA). The firm is currently investing from a $200 million fund that includes 20 high profile, US, Asian and European limited partner investors. To learn about BV Capital, please visit www.bvcapital.com.