Limble – a leading provider of modern computerized maintenance management systems (CMMS) – recently announced a $58 million Series B funding round led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs), bringing the company’s valuation to $450 million. The funding round 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.
This investment from Goldman Sachs comes from its recently launched $5.2 billion growth equity fund, dedicated to investing in high-growth businesses with strong market positioning and durable business models. The company also announced John Connolly, a 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 is going to 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.
Over the past year, Limble has achieved 130% growth and has increased its headcount by 240%. And with its modern, innovative approach to CMMS, its customers have achieved significant cost savings. In 2022 alone, Limble customers saved a total of $134 million in downtime costs, $68 million in parts spend and $442 million in reduced labor costs.
KEY QUOTES:
“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.”
— Bryan Christiansen, CEO and founder, Limble
“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.”
— Brendon Hardin
