Limble, a leading provider of computerized maintenance management systems (CMMS), has announced a $58 million Series B funding round led by the Growth Equity business within Goldman Sachs Asset Management. This funding round brings Limble’s valuation to $450 million and will be used to expand the company’s product portfolio, enhance its user interface for asset monitoring and maintenance, and accelerate its go-to-market strategy.
The investment from Goldman Sachs comes from its recently launched $5.2 billion growth equity fund, which focuses on investing in high-growth businesses with strong market positioning and durable business models.
As part of the funding round, John Connolly, a senior advisor to Goldman Sachs Asset Management’s Growth Equity business and a five-time CEO, will join Limble’s Board of Directors to provide guidance on the company’s growth trajectory. He will join Lars Letonoff, former CRO of KnowBe4, and Jeremiah Daly, founder and general partner of Elephant, on the board. Brendon Hardin from Goldman Sachs’ Growth Equity business will also join the board.
Limble’s CEO and founder, Bryan Christiansen, emphasized the company’s understanding of the challenges faced by maintenance and facility managers and its commitment to empowering them with a streamlined CMMS solution. Christiansen highlighted the cost savings achieved by Limble’s customers, including reduced reactive maintenance, increased productivity, and savings in downtime costs, parts spend, and labor costs amounting to hundreds of millions of dollars.
Limble has experienced rapid growth, with a 130% increase over the past 12 months and a significant expansion of its workforce by 240%. The company’s modern and intuitive CMMS has garnered a strong customer base and delivered substantial cost savings. In 2022 alone, Limble’s customers saved a total of $134 million in downtime costs, $68 million in parts spend, and $442 million in reduced labor costs.
Goldman Sachs’ Brendon Hardin praised Limble’s disruptive approach to the CMMS market, providing a user-friendly and modern solution that streamlines maintenance operations. He expressed confidence in Limble’s potential for exponential growth in the coming months and years.
This funding round and partnership with Goldman Sachs will position Limble to enhance its offerings, expand its market reach, and capitalize on the growing demand for effective CMMS solutions.
