Limble has raised $58 million in a Series B funding round led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs). Founded in 2015 by Bryan Christiansen, CEO and Miguel Ramos, COO, the company offers a CMMS (Computerized Maintenance Management System) solution that helps businesses manage, automate, and streamline all of their maintenance operations. Limble is a recognised leader in the field, recognised by the recent G2 Grid for CMMS.
Limble will use the funding to expand its product portfolio and improve its go-to-market strategy. Regarding product development, it aims to improve the UI for asset monitoring and maintenance.
Bryan Christiansen, CEO and Founder of Limble, commented, “The success of Limble can truly be credited to a deep understanding of the specific challenges that face maintenance and facility managers, and the design of a powerful yet streamlined system to solve those problems. We set out to empower the maintenance professionals – the unsung heroes – who keep the world turning and have delivered on that promise with cost savings in the hundreds of millions from reduced reactive maintenance, increased productivity, reduced downtime, and reduced part spend. With this injection of growth capital from Goldman Sachs, we are poised to add new capabilities and extend the reach of our game-changing CMMS solution to companies worldwide.”
Goldman Sachs
The investment comes from the West Street Global Growth Partners $5.2bn direct private markets fund, managed by Goldman Sachs Asset Management. It is dedicated to investing in high-growth businesses with strong market positioning, high growth rates and durable business models.
Goldman Sach will have noted the 130% growth achieved by Limble over the last 12 months. Over the same period, it increased its headcount by 240%. As part of this investment round Limble achieved a valuation of $450 million.
The customer outcomes are also significant, with customers saving $134M in downtime costs, $68M in parts spent and $442M in reduced labour costs. Those customers include a mix of the private and public sectors across several industries. Customers include Unilever, McDonald’s, DHL, Nike, Pepsi and Sulzer, the global industrial engineering and manufacturing firm.
Brendon Hardin, VP at Goldman Sachs Growth, commented, “CMMS is essential to managing maintenance operations, but the market has historically been filled with overly complicated, cumbersome tools. Limble has disrupted this market with an intuitive, user-friendly, and modern CMMS that streamlines even the largest operations, and fast implementation means customers see ROI within weeks. The product has proven its value with thousands of customers worldwide, and we are confident Limble’s market penetration has the potential to grow exponentially in the coming months and years.”
The investment will also see several people join the Limble board, including Hardin. John Connolly, a senior advisor to Goldman Sachs, an experienced board member, and five-time CEO, will bring his deep experience. He joined the board in October 2022 to advise on the company’s next growth stage. Other recently joined members include Lars Letonoff, former CRO of KnowBe4, who was appointed in April 2022 and Jeremiah Daly, Founder and General Partner of Elephant.
Enterprise Times: What does this mean
This is a significant investment in Limble. While it has global customers, will it look to open an international office to further help with its expansion? It now has a hugely experienced board in place, and its rapid expansion should continue if it makes the right decisions. What is unclear is how it will develop its product portfolio. Will it add more integrations that already include around 90 applications? Will it add to its product features, including work management, preventative maintenance, predictive maintenance, spare parts inventory, asset management and analytics? To date, it has not taken advantage of generative AI. It will be interesting to see what it develops with the new funds.
