The business management software provider, which received early investment from Cisco and Berteslmann, had raised $57m in funding prior to the initial public offering.

AppFolio, a US-based business automation software developer backed by networking system manufacturer Cisco and media group Bertelsmann, has raised $74.4m in an initial public offering on Nasdaq.

The company issued 6.2 million shares priced at $12 each. The underwriters have the 30-day option to buy another 930,000 shares, which would boost the size of the offering to $85.8m.

Founded in 2006, AppFolio provides cloud-based software that helps small and medium-sized property management and legal businesses automate the management of…