Limble, a provider of modern computerized maintenance management systems (CMMS), announced a $58M Series B funding round led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs), bringing the company’s valuation to $450M.
The funding will be used to expand Limble’s product portfolio, further develop its powerful and intuitive user interface for asset monitoring and maintenance and accelerate its go-to-market strategy.
The investment from Goldman Sachs comes from its recently launched $5.2B growth equity fund, dedicated to investing in high-growth businesses with strong market positioning and durable business models.
The company also announced John Connolly, senior advisor to the Growth Equity business within Goldman Sachs Asset Management and a five-time CEO, will join Limble’s Board of Directors to advise on the company’s next stage of growth. He will join Lars Letonoff, former CRO of KnowBe4, the world’s largest security awareness training and simulated phishing platform; and Jeremiah Daly, founder and general partner of Elephant. Brendon Hardin from Goldman Sachs’ Growth Equity business will also be joining the board in conjunction with this investment.
“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,” Limble CEO and founder Bryan Christiansen said. “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."
Over the past 12 months, Limble has achieved 130% growth and has increased its headcount by 240%. In 2022, Limble customers saved a total of $134M in downtime costs, $68M in parts spend and $442M in reduced labor costs.
“CMMS is essential to managing maintenance operations, but the market has historically been filled with overly complicated, cumbersome tools,” Hardin said. “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."