In another sign that tri-county tech firms are holding their own amid a depressed investment market, Santa Barbara-based software firm AppFolio has gained $8 million in venture capital, bringing its total investment since last year to $30 million.
The money came from the Investment Group of Santa Barbara, one of the company’s existing investors.
“We didn’t go out for a raise,” Brian Donahoo, chief executive of AppFolio, told the Business Times. “It wasn’t that long ago that we raised a big round, and our burn rate is super small, so we didn’t need the money. [Investment Group of Santa Barbara] came to us and said, ‘We think the terms are still good, and we want to be a bigger player in your company.”