Elevator SaaS startup AuditMate secures $3.5M in seed funding
San Francisco, June 29, 2023 – AuditMate, developer of the first elevator and escalator service contract management software platform for building owners and managers, announced today that it has closed on a $3.5 million seed funding round led by MassMutual Ventures, with participation from leading strategic investors Moderne Ventures and Blue Field Capital, and real estate industry veterans Ray Wirta (Former Chairman of the Board and CEO of CBRE), Michael Spies (Former Head of Innovation for Tishman Speyer, Investor & Advisor), and Lisa Picard (Advisor & former Blackstone Platform CEO, Advisor, Investor).
Founded in 2019 and built by a team of elevator industry veterans, AuditMate’s software digitizes the details of elevator and escalator maintenance agreements, saving property managers invoice and repair costs, and extending the life of vertical transportation equipment through more regularly scheduled maintenance and more diligent, ongoing oversight.
“I founded AuditMate because I found that property managers didn’t fully understand their elevator contracts, resulting in confusion, lack of regular maintenance and lost value,” said Ashleigh Wilson, Founder and CEO of AuditMate. “Our a first-of-its-kind solution empowers our customers to effectively manage their elevator contracts and equips them with data-driven maintenance auditing products. We’re excited to work with our group of investors who believe in our vision to revolutionize this niche segment of the proptech industry.”
The new funding will permit AuditMate to continue to scale its customer service organization to comfortably meet increasing demand from national property management firms. “While a large real estate portfolio can easily realize $2-$5 million in hard savings on their elevator maintenance with AuditMate, property managers of all sizes recognize that maintenance costs are out of control,” noted Wilson, “In this macroeconomic environment, it is increasingly important to find these types of cost savings and improve the bottom line.”
“AuditMate’s platform addresses a long-standing issue in the vertical transport industry, while creating a new and rapidly-growing software category in property expense management,” said Spencer Singer, who led the investment on behalf of MassMutual Ventures. “The team’s deep industry expertise and relentless focus on delivering hard cost savings to its customers have resulted in a unique solution which drives better transparency and value to property managers and owners.”
“At Moderne Ventures, we invest in technologies in and around the industries of real estate, finance, insurance, home services and ESG. We take a generalist approach to vertical investing, and specifically look for disruptive technologies that fix broken processes and address major challenges for our corporate partners,” said Constance Freedman, Founder and Managing Partner at Moderne Ventures. “Elevators and escalators represent a $100B global market and are a top expense and liability for property and facility managers; yet, the contracting environment is inefficient and opaque. We’re pleased to invest in AuditMate because they contribute directly to helping building owners realize significant and immediate savings on their maintenance costs.”
AuditMate provides building owners and managers with a SaaS platform and services to monitor and improve the maintenance of vertical transport equipment including elevators and escalators. For more information, visit www.auditmate.com.
About MassMutual Ventures:
MassMutual Ventures (MMV) is a multistage global venture capital firm investing in financial technology, enterprise SaaS, digital health, climate technology, and cybersecurity companies. With teams based in Boston, Singapore, and London, MMV manages over $1 billion in investment capital across the globe. MMV helps accelerate the growth of the companies we partner with by providing capital, connections and advice. MMV’s deep expertise and extensive Fortune 500 network helps entrepreneurs build compelling and scalable companies of value. For more information, visit www.massmutualventures.com.
About Moderne Ventures:
Moderne Ventures is a strategic venture capital firm approaching $450 AUM. Moderne invests in technology companies in and around the multi-trillion-dollar industries of real estate, finance, insurance, ESG, and home services. It has both a Fund and an Industry Immersion Program, the Moderne Passport, designed to foster innovation, partnership and growth between industry partners and new emerging technology companies. Moderne has built an extraordinary network of over 700 executives and corporations within its core industries and evaluates over 4,500 emerging tech companies each year. Moderne most often looks outside its industries to find technologies that can be applicable within them, and it has invested in over 135 companies across its funds. Moderne has built a stellar track record investing in companies like DocuSign, Porch, Hippo, Homesnap, Caribou, Xeal and ICON.