Australian real estate tech company HappyCo has announced the closing of its Series A funding round of $10.8 million led by Sydney-based investors Alium Capital Management, according to an official statement
Also participating in the round are Australia-based Tempus Partners and PieLab Venture Partners, as well as existing investors including Larsen Ventures and Sandalphon Capital.
HappyCo provides mobile and cloud-based application for inspecting, managing and monitoring residential properties and commercial facilities. Its inspection function in particular is used by thousands of companies and has captured more than 100 million items inspected.
The startup is now based in San Fransisco, but has retained its engineering talent and roots in Adelaide, where it was founded.
“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.
The fresh funds will be used by the company to 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.
Founded in 2011, HappyCo’s operation is led by founder and CEO Jindou Lee, an entrepreneur-turned real estate investor, who along with software developer Andrew Mackenzie-Ross initially built mobile inspection app Happy Inspector in 2012.
Following the success of the app, the pair introduced Happy Manage in July 2015 and Happy BI later in the same year before developing HappyCo, which shifted their business from a real-estate specific app into an operations solutions platform used by brands across multiple verticals.
The platform is currently used to manage more than 1.2 million units by companies such as Airbnb, Softbank/Fortress and Vicinity Centres.
For Alium Capital, the funding for HappyCo comes after the investment company led a funding round of $6.8 million for Australian artificial intelligence company Daisee.
Recently, property discovery and management app Soho, founded by Jonathan Lui, co-founder of Australian startup Airtasker, raised $1.29 million in investment round led by Bridgelane Capital to be used to accelerate product development and expand the team at their Singapore headquarters.