IWMS Challenger Nuvolo Gets A Boost From New $12 Million Funding Round
On July 18, 2019, Nuvolo, a New Jersey-headquartered provider of IWMS and EAM software, announced it has received $12 million of Series B funding. This brings its total funding to date to $24.5 million. Nuvolo plans to use this latest injection of capital to support its ambition to take a leading position in the EAM and IWMS market by accelerating product innovation and international expansion efforts.
Founded in 2013, Nuvolo is a relatively new entrant in the IWMS market, which is primarily comprised of mature vendors established over 20 years ago. Nuvolo has been steadily broadening its functionality to offer a capability across the core IWMS modules such as assets, maintenance, space, leases and sustainability. Its strategy is to shake up the workplace and asset management software markets, by offering modern software architecture and user-friendly online and offline mobile tools. It has been resonating with buyers; Nuvolo grew its software subscription revenue by 310% from 2017 to 2018 (from a small base). Other vendors seeking to disrupt the IWMS market include iOFFICE, SpaceIQ, and Tango.
Verdantix finds Nuvolo’s recent funding round gives teeth to its strategy to challenge the IWMS incumbents. But all new entrants in the IWMS market must plan for significant competition. That is because many of the established vendors are awash with private equity funding giving them resources to modernize their software or acquire innovative solutions. Secondly, mature IWMS vendors offer significant functionality depth drawing on their decades of experience, which can be hard for new entrants to replicate in the near term.
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