Total amount raised
$79.5 Million
Latest funding date
11/1/2022
Location
MyGate has successfully raised funding over four rounds, with the latest being a Series B round. The platform is backed by six investors, including Acko and Urban Company.
Keep reading to explore the intricacies of MyGate's fundraising journey and the investors supporting this innovative platform.
What Is MyGate?
MyGate is a comprehensive community management platform based in Bengaluru, Karnataka, India. It operates in various industries, including society management software, apps, information services, information technology, mobile apps, and software.
Founded to enhance the living experience in residential communities, MyGate offers a range of tech solutions such as a full-scale ERP for community management, a resident app, smart locks, and an ad platform. The company employs between 1001-5000 people and serves over 27,000 communities across more than 50 cities in India.
How Much Funding Has MyGate Raised?
- Seed Round
- Amount Raised: INR 160,000,000
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of MyGate's community management platform.
- Series A
- Amount Raised: INR 650,000,000
- Date: October 2018
- Lead Investors: Prime Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's features and increase market penetration.
- Series B (First Round)
- Amount Raised: USD 56,000,000
- Date: October 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market presence.
- Series B (Second Round)
- Amount Raised: INR 1,000,000,000
- Date: November 2022
- Lead Investors: Acko, Urban Company
- Valuation at Round: INR 1,700,000,000
- Motivation Behind the Round: To leverage strategic partnerships for enhanced services.
Total Amount Raised: USD 56,000,000 + INR 1,810,000,000
Current Valuation: INR 1,700,000,000
Key Investors
- Acko
- Details: Acko is an insurance company that has invested in MyGate. It is listed as a lead investor in the Series B funding round.
- Investment Focus Areas: Insurance, security services
- Notable Investments: MyGate
- Urban Company
- Details: Urban Company is a leading home services provider. It co-led the Series B funding round for MyGate.
- Investment Focus Areas: Home services
- Notable Investments: MyGate
- Prime Venture Partners
- Details: Prime Venture Partners is a venture capital firm that invested in MyGate during the Series A round. It focuses on early-stage investments.
- Investment Focus Areas: Technology, software, mobile apps
- Notable Investments: Not publicly disclosed
What's Next for MyGate?
MyGate's future looks promising with strategic partnerships paving the way for significant growth. Collaborations with Acko and Urban Company will allow MyGate to expand its service offerings, integrating security and home services into its platform. This expansion is backed by a recent Rs 100 crore funding round, valuing the company at Rs 1,700 crore.
Given the increasing demand for tech-driven residential management solutions, MyGate is well-positioned for further investment rounds. The company's growing valuation and strategic alliances make it an attractive prospect for global investors. However, MyGate will need to navigate challenges such as competition and maintaining service quality as it scales.
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