QuadReal and Altus Group invested $3.5 million in a Series B round in Honest Buildings, a project management platform for real estate owners. The additional investment brings total Series B funding to $25 million. Other investors in the funding round included Brookfield Property Partners, Oxford Properties Group, The Durst Organization, DivcoWest Real Estate, Rudin Ventures and C-III Capital Partners as well as venture capital firms including Thrive Capital, Navitas Capital and Greensoil Building Innovation Fund. Honest Buildings raised a total of $43 million to date.
Honest Buildings, the only project management platform built for and backed by real estate owners, has raised an additional investment in its Series B, bringing the total raise to $25 million. The additional investment comes from industry leaders QuadReal, a Vancouver-based global real estate investment, development, and management company, and Altus Group Limited, a leading provider of independent advisory services, software and data solutions to the global commercial real estate industry.
They join existing Series B industry investors Brookfield Property Partners, Oxford Properties Group, The Durst Organization, DivcoWest Real Estate Investments, Rudin Ventures and C-III Capital Partners, in addition to leading venture capital funds Thrive Capital, Navitas Capital, Greensoil Building Innovation Fund, Bienville Capital Management, Riverpark Funds, The Westly Group, Rockport Capital, and Circle Ventures. Total investment to date is $43 million.
“As a fiduciary of our investors’ capital, QuadReal is always looking for the most effective ways to enhance service, asset value, performance and returns,” said Dennis Lopez, CEO of QuadReal. “Honest Buildings is fundamentally improving the way that real estate owners plan and manage capital investment throughout their portfolios, creating real-time visibility and ultimately better outcomes. QuadReal is pleased to join this impressive group of real estate industry leaders as an investor.”
“We’re pleased to partner with Honest Buildings to deliver collective value to real estate owners and investors by improving the management of their capital projects while also delivering greater visibility through valuable data insights,” said Robert Courteau, CEO of Altus Group. “Capital and construction costs have a critical impact on returns and Honest Buildings brings an innovative solution to the industry that addresses an important transparency challenge.”
Riggs Kubiak, founder and CEO of Honest Buildings, also agrees. “Honest Buildings is always thinking about real estate owners first, and it’s an honor to bring on organizations like QuadReal and Altus Group who are thinking the same way. These partnerships will allow us to continue our exponential growth and to integrate with the platforms that matter most to the owners — creating value at each and every asset across global portfolios.”
In 2017, Honest Buildings powered a 500% year-over-year increase in project volume and facilitated $10 billion in projects managed over the last 24 months. On its way to facilitating more than $10 billion additional in marketplace transactions managed on the platform in 2018, this capital raise will allow the company to even further expand across North America and beyond, to further grow its product and business development teams, and to explore new partnerships and integrations.
ABOUT HONEST BUILDINGS
Honest Buildings is the only project management platform built for real estate owners, and backed by real estate owners. Global, national and local owners like Brookfield, Oxford Properties, Beacon Capital Partners, Invesco, SL Green, The Durst Organization, Silverstein Properties, JBG Smith, Harvest Properties, Parkway Properties, and Rudin Management are utilizing the power of the platform’s data-driven technology to ensure capital and construction projects are completed on time and on budget.