Urban Company planning to invest in MyGate

Apartment management solution provider MyGate is in talks with home services unicorn Urban Company to raise fresh funds. It is reported that MyGate has been looking for funds for quite some time and a strategic investment from Urban Company would help it to fight deep-pocketed NoBroker (via NoBrokerHood).

This potential investment is crucial for MyGate as the company hasn’t been able to raise a round from two years when most growth stage startups managed to mop up large rounds at staggering valuation.

MyGate allows home residents to approve entries and exits, communicate with their neighbors, log attendance and pay society maintenance bills and daily help workers through its application. In December last year, the company acquired community commerce platform MyCommunity Genie also claimed that its community commerce vertical has been growing at 50% month-on-month.

Urban Company turned unicorn last year when it raised $255 million in a Series F round led by Prosus, Dragoneer and Wellington Management at a valuation of $2.1 billion. The company’s valuation jumped to $2.8 billion during its last ESOP sale program.