Stonal, a European SaaS property operations proptech, announced today raising a $22 million fundraise led by RAISE Investissement and hiring recognized VC investor Robin Rivaton as CEO, according to a press release.
The company says it will use the funding to invest in its product and tech platform, expand into Germany and the UK and increase its team size from 120 to 170. Stonal also stated plans to pursue additional strategic acquisitions, following the purchase of Labeo in 2020, and says it aims to reach $100 million in revenue in the next five years.
Founded in 2017 by Michael Tolila and Jean-Maurice Oudot, Stonal enables property owners and asset managers to handle their commercial and residential buildings more efficiently.
The company says its proprietary AI-powered applications read, checks and sorts all data, documents and plans, and is open to an unlimited number of employees, supplier and partners. It also noted that its decision-making modules offer ESG reporting, financial analysis and maintenance planning to increase returns, improve productivity and preserve value.
“Adopting ambitious ESG policies while maintaining return will put real estate asset managers under pressure. Digitizing their portfolio will be more important than ever. Stonal’s unique AI technology and expertise in data quality management make them key partners of such a transformation. We are happy to support Stonal to invest further in its product and tech platform especially on joint procurement, and expand into Europe,” stated Aymeric Marraud des Grottes, Partner at RAISE Investissement, in the release.
Stonal reached $11 million in revenue and became profitable in 2021, and currently provides services to more than 130 clients, REITs, insurers, social housing organizations, asset managers and family offices. It says this equates to over 200 million square meters of space throughout Europe.
The company says the addition of Robin Rivaton, a VC investor at Eurazeo and founder of RealEstech, adds one of the most recognized proptech experts in Europe and enables the organization to reach its long-term growth plans.
“I was super happy at Eurazeo and as a VC investor but it is a once in a lifetime opportunity: an experienced founder ready to leave room, a sector I know super well – real estate which is full of opportunities, and impressive tech relying on AI with a powerful network effect as our collected dataset grows,” Rivaton told Tech.EU.
In other recent proptech news, Gravy launched with a $2.6 million seed round to help renters save money for their first home. Leasecake also raised a $12 million Series A for its lease and location management technology.