UpKeep Raises $36 Million Series B to Reimagine Maintenance and Facilities Management Software
UpKeep, the award-winning platform for maintenance and operations teams, today announced it raised $36M in Series B funding. UpKeep is transforming the way frontline and deskless technicians manage their work and collaborate by replacing tedious paperwork and outdated systems with an easy-to-use mobile app. The round was led by Insight Partners with participation from existing investors Emergence Capital, Battery Ventures, Y Combinator, Mucker Capital, and Fundersclub.
Since UpKeep’s Series A in 2018, the company has continued to see rapid growth across users and its customer base:
- 10 million work orders have been created on the UpKeep app
- 400,000+ users
- 2,000+ paying businesses
- Ranked the #1 Maintenance Management Software by Capterra/Gartner and G2 based 1520+ 5-star reviews
- UpKeep customers span 61 countries and range from local small businesses to large corporations, including many essential businesses such as manufacturing plants, hospitals, and wastewater treatment facilities
- Notable brands include Unilever, Siemens, DHL, Thermo Fisher Scientific, McDonald’s and Jet.com
- 206% revenue growth last year
“At UpKeep, we know maintenance and facility managers are typically only thought of when something at a facility is broken so badly that it’s out of commission,” said Ryan Chan, UpKeep founder and CEO. “The truth is, maintenance and facility workers are part of the backbone of every industry, in every country in the world. They make a huge impact on all of our lives, every single day, whether we’re aware of it or not - and that’s never been more apparent than now as they work on the frontlines of the COVID-19 crisis. Today, and every day, our commitment is to serve these maintenance workers as they lead the charge molding the post-COVID world around us.”
“COVID-19 is bringing the importance of maintenance into the spotlight, underscoring UpKeep’s mission. We are incredibly proud to support Ryan and his team at this critical time as they build out their platform and expedite offerings to help their customers navigate post-pandemic realities,” said Deven Parekh, Managing Director at Insight Partners. “We believe UpKeep will continue to be instrumental to the industries and people that keep our world safe and running.”
As a software solution designed with the technician at the forefront, UpKeep is now focusing on innovation to empower technicians to keep their facilities safe and help managers retain business in a changing global health and economic climate. Particularly, Customer Success Managers at UpKeep are uploading critical resources, like maintenance and sanitation checklists, to customers’ UpKeep accounts, at no additional cost.
“When we first met Ryan, we were impressed by his passion for changing the lives of deskless workers in maintenance and operations functions. He and the rest of the UpKeep team are, for the first time, bringing great software to this important part of the workforce,” said Kevin Spain, Founding General Partner at Emergence Capital. “We are proud of UpKeep for the incredible growth they've experienced so far and are excited about what this round will allow them to build for their customers.”
The financing allows UpKeep to continue to provide support for essential maintenance workers worldwide, as well as invest in their teams, communities, and products to scale operations.
Clint Jantz, a Clinical Engineer at a hospital in Colorado shared how UpKeep has been instrumental in tracking essential equipment during uncertain times: “At the end of the day, it's about our patient care.” He explains that with UpKeep, “If I have a director come in and ask me how many IV pumps we have, I can pull those answers up quickly and have documentation for him on UpKeep.”
Jantz captured the necessity of maintenance software for the essential workforce: “We utilize UpKeep’s software to make sure that we can mitigate issues prior to them becoming fires. And that has been great, and that's exactly what a CMMS is supposed to do, help us mitigate the issues that are going to arise."
“For the past decade, maintenance and facility managers and field workers have been largely overlooked by technology innovation,” says UpKeep’s Founder, Ryan Chan. “The legacy technologies available to this industry have been outdated, clunky, and inconvenient-to-use web applications that do not translate to mobile.”
Founded in 2014 by Ryan Chan (Forbes 30 Under 30), UpKeep is unlocking the potential of maintenance and facilities teams by offering them the simplest and smartest way to manage their work and collaborate, all from their pocket. Unlike some clunky, legacy software vendors and DIY solutions, UpKeep was built to give technicians everything they need to manage their work on-the-go while empowering managers with the insights to make better decisions, faster. UpKeep is backed by leading investors, including Insight Partners, Emergence Capital, Battery Ventures, Y Combinator, Mucker Capital, and Fundersclub. The company is headquartered in Los Angeles, California with offices in San Francisco, the UK, and Canada.
UpKeep is the #1 Maintenance Management Software by Capterra/Gartner and G2, with 1,360+ positive reviews, named #1 Facility Management Solution By GetApp, and awarded Top 100 Fastest-Growing Products by G2.
About Insight Partners:
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit https://www.insightpartners.com or follow us on Twitter @insightpartners.