Alasco, the cloud-based financial management platform for real estate projects, has raised $40 million in Series B funding, the Munich company announced on Tuesday (Jan. 11).
The financing was led by Insight Partners, the global venture capital and private equity firm that invests in technology and software companies, and Lightrock, an investor in tech-driven business models.
Alasco said the funding will be used to hire staff, drive European expansion and enhance its Software as a Service (SaaS) and environmental, social and governance (ESG) capabilities to support clients as they manage a real estate project in a digital and sustainable way.
When it comes to digitalization and ESG issues, the real estate sector has room for improvement. To meet that goal, Alasco offers a cloud-based, SaaS platform that allows customers to connect data including budgets, costs, revenues and ESG criteria with automated technology to help make financial and sustainability decision making.
Alasco founder and CEO Sebastian Schuon said scaling his company is a priority with this new influx of capital.
“By the end of 2022, we plan on doubling our headcount from 100 to around 220 employees,” Schuon said.
While digitization has been a nearly universal pursuit for company finance leaders, it has played out differently in various sectors. This reflects the fact that every industry has had its own set of challenges.
Paper check payments remain prevalent in commercial real estate, an industry that often deals with large-dollar amounts. Check payments comprise 34% of B2B payments in this sector, according to The Strategic Role of the CFO, a PYMNTS and Versapay collaboration based on a survey of 400 chief financial officers.
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