Appfolio Raises $22M

Santa Barbara-based AppFolio has raised $22M in a Series B funding for the new software-as-a-service firm, initially focused on property management software, socalTECH has learned. The company's CEO, Brian Donahoo, said that the round was led by BV Capital, and also included Cisco, the Investment Group of Santa Barbara, and other corporate and individual investors. Andreas von Blottnitz of BV Capital and Tim Bliss of the Investment Group of Santa Barbara have been added to the firm's board as part of the funding round. AppFolio's founders and executive team are from ExpertCity (now Citrix Online). More information »