MIAMI, January 19, 2021 (Newswire.com) - Axela Technologies, the nation's leading provider of collection services to the Community Association Industry, announced today that it has received a minority growth equity investment from Blueprint Equity. The amount of the deal was not disclosed. In conjunction with the investment, Blueprint Equity will join the Board of Directors.
Since launching in 2018, Axela has demonstrated the effectiveness of its software solutions that manage an association's collection files. Unlike traditional attorneys or collection agencies, Axela deploys a multi-touch, digital-first approach to engage and work with unit owners that have fallen behind on their assessments.
"Resorting to legal action and foreclosure should be the absolute last step to any collection effort," states Martin Urruela, Axela Founder and CEO. "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."
The financing round builds on an exceptional year for Axela, which saw its customer count grow by over 200% in 2020. The company currently works with hundreds of management companies in 21 states, and boasts a 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 also joined the company's Board." Axela was built around a philosophy that by helping the homeowners, they help the association, and everybody wins. Powered by the right technology, the company is well-positioned to scale across this vast market and become the industry standard."
When asked about the use of the investment funds, Urruela stated that the company would aggressively expand its sales and marketing efforts, as well as double down on product and engineering. "We have to get the word out that we have a new and innovative solution to an age-old problem. We're extremely proud of our customer retention rate - we've never lost a client, or experienced a scenario where an association decides to go back to the old way of doing things after working with us."
ABOUT AXELA TECHNOLOGIES
Axela Technologies is a collections firm that specializes in recovering delinquent assessments for the benefit of community associations. Axela reduces the cost of outreach and engagement by automating much of the standardized collections process, all while providing exceptional customer service and a centralized platform for all stakeholders to promote transparency and efficiency. To learn more about Axela, visit axela-tech.com.
ABOUT BLUEPRINT EQUITY
Blueprint Equity provides expansion capital to rapidly growing enterprise software and technology-enabled services businesses across North America. To learn more about Blueprint Equity, visit onblueprint.com.
|Axela Technologies||Blueprint Equity|
|Martin Urruela||Sheldon Lewis|
Source: Axela Technologies