Fullbay Announces Strategic Growth Investment from JMI Equity and Reinvestment from Mainsail Partners
JMI and Mainsail’s Combined Resources and Experience Will Help Accelerate the Expansion of Fullbay’s Shop Management and Fleet Maintenance Solutions
PHOENIX, July 22, 2024 /PRNewswire/ — Fullbay, a robust platform that improves the operational efficiency of heavy-duty repair shops, today announced a strategic growth investment from JMI Equity, a growth equity firm focused on investing in leading software companies, and a reinvestment from existing investor, Mainsail Partners. This combined partnership will help accelerate the expansion of Fullbay’s software solutions to help more shops run and operate efficiently within the independent commercial repair and internal fleet maintenance industry.
“Our new partnership with JMI, along with our continued relationship with Mainsail, marks a significant milestone for Fullbay, and our rapidly growing set of solutions for the industry,” said Patrick McKittrick, Chief Executive Officer of Fullbay. “We’ve focused on building a strong and healthy business, and these partnerships can give us the ability to move even faster. Like Mainsail, JMI shares Fullbay’s vision and purpose of creating a better life for shops, which can lead to safer roads for us all.”
Fullbay’s cloud-based software offering is designed to improve heavy-duty repair shop productivity, accountability and financial performance. The company’s solutions drive operating efficiency for customers by replacing paper-based tasks, including optimizing workflows of technicians, managing inventory, automating invoicing and streamlining financial reporting.
“We have watched Fullbay’s growth for several years,” said Suken Vakil, Partner at JMI Equity. “We are excited to partner with the Fullbay and Mainsail teams to continue the company’s focus on helping shops optimize and grow their businesses.”
Fullbay recently added to its robust product offering with the release of two-way text messaging, integrated parts shopping with Fullbay Marketplace, and the ability to connect to popular financial systems with Fullbay Financials. Enhanced labor guides, parts cross reference, payments management, along with an improved user experience and platform performance, is planned to be released later this year.
“Since our initial investment in 2019, Fullbay’s growth and impact on customers have been a prime example of why we believe so strongly in the opportunities for bootstrapped SaaS companies with a vertical focus,” said Vinay Kashyap, Partner at Mainsail Partners. “We are grateful to now reinvest in Fullbay and partner with JMI to continue to support the company’s future growth and industry leadership.”
About Fullbay
Based in Phoenix, Arizona, Fullbay automates the operations of heavy-duty repair shops and internal fleet maintenance departments to create more efficient, focused and faster organizations. The company provides a turn-key platform that connects every function of the business in real time from any location to improve workflow and create transparency in operations. Founded in 2014, Fullbay focuses on delivering operational excellence, preventive maintenance solutions, and inventory management optimization to its wide variety of customers. In April 2022, Fullbay acquired Dieselmatic, a digital marketing company, to offer extended services to its clients and improve the customer experience. The company most recently launched its All About the Grilles e-commerce store in which a portion of proceeds is donated to Fullbay Cares, a program dedicated to giving back to the essential workers of heavy-duty repair.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. For over three decades, JMI has partnered with exceptional founders, entrepreneurs, and management teams at high-growth software companies to provide flexible capital, industry expertise, and operational support to build businesses of enduring value. To date, JMI has invested in over 180 software businesses in North America and Europe and completed over 115 exits. Today, the Firm’s portfolio of industry-leading cloud software companies represents $8 billion in combined revenue, $65 billion in aggregate enterprise value, and over 34,000 jobs. For more information, visit www.jmi.com.
About Mainsail Partners
Mainsail Partners is a growth equity firm that partners with founders of bootstrapped software companies to help them realize their potential. For 20 years, Mainsail has been helping management teams navigate the challenges and opportunities that come with rapidly scaling a software company. The firm includes women and men who are former software company operators who have seen these challenges first-hand. Mainsail offers assistance across various functional areas, including talent, finance, customer success, sales and marketing, product management, and R&D. With offices in Austin and San Francisco, the firm has raised over $2.2 billion in committed capital and invested in more than seventy companies. For more information, visit www.mainsailpartners.com or follow the firm on LinkedIn.
Contacts
Media
For Fullbay:
Rachael Clemence
MBE Group on behalf of Fullbay
rclemence@mbe.group
(248) 563-3111
For JMI Equity:
Abigail Ruck
H/Advisors Abernathy
abigail.ruck@h-advisors.global
(212) 371-5999
For Mainsail Partners:
Kristy DelMuto
kristy@mainsailpartners.com
(415) 940-2085
SOURCE Fullbay
This press release includes views and opinions of external contributors. JMI believes this information to be accurate and current as of the date of publication but cannot guarantee its accuracy. JMI disclaims any duty to update this press release, or any content contained therein based on future developments. The JMI portfolio company(ies) identified above are not necessarily representative of all JMI investments, and no assumption should be made that the investments identified were or will be profitable. For a complete list of JMI investments, please visit www.jmi.com/companies/.
