AppFolio, Inc. Secures $17 Million in Series B Funding

Santa Barbara, CA -- April 16, 2008

Leading SaaS provider for small and mid-sized businesses in the residential property management industry, AppFolio, Inc., announced they recently secured $17 million in Series B funding led by Cisco Systems, BV Capital and the Investment Group of Santa Barbara. This funding will facilitate market entry for AppFolio Property Manager version 1.0 and development of future vertical software solutions.

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

“AppFolio is uniquely positioned to deliver disruptive vertical SaaS applications,” said Matthias Schilling, Managing Partner at B.V. Capital. “This team has a proven track record in delivering powerful, web-based software to small businesses at a very affordable price. AppFolio has the right team, the right product, and a unique opportunity to revolutionize software in vertical markets.”

“We're thrilled to have partners like Cisco, BV, and IGSB, behind our mission,” says Brian Donahoo, CEO of AppFolio. “AppFolio's first product, AppFolio Property Manager makes the tough job of property management easier and more profitable and we look forward to creating similar solutions for other verticals in the future.”

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.