Axela Technologies, a Miami-based proptech startup that provides collection services to the real estate community association Industry, has raised $4 million in a Series A round in a deal that included Blueprint Equity, a tech-focused growth equity firm.
Axela Technologies, founded in 2018, is a tech-enabled collections firm that specializes in recovering delinquent assessments for homeowner and condo associations and co-ops. Axela automates much of the standardized collections process while providing transparency and efficiency through its centralized platform for all stakeholders. The startup strives to maximize recovery for its clients, while also helping homeowners avoid foreclosure and stay in their homes.
“Resorting to legal action and foreclosure should be the absolute last step to any collection effort. Yet for years, it’s been the knee-jerk reaction by community associations when a homeowner falls behind on just a few months of assessments. It doesn’t have to be so drastic and costly, and that’s where we come in,” said Axela founder and CEO Martin Urruela, in the startup’s announcement.
With the funding, Axela plans to expand sales and marketing, product development and engineering. In 2018, the startup raised $1.5 million in seed funding, according to Crunchbase, bringing total funding to about $5.5 million.
In 2020, Axela grew its customer count grow by over 200%. The company currently works with hundreds of management companies in 21 states. The proptech startup also participated in Endeavor Miami’s ScaleUp program last summer.
The company says it has 99% success rate of resolving collection files without resorting to legal action.
“What really stuck out to us was Axela’s approach to collections, long considered an unattractive and confrontational industry,” said Sheldon Lewis, managing partner of Blueprint, who joined the company’s board as part of the transaction. “Axela was built around a philosophy that by helping the homeowners, they help the association, and everybody wins.”
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