Honest Buildings, a New York-based project management and procurement platform for real estate owners, has increased its Series B financing to US$30 million. The additional investment of US$5 million was led by First Capital Realty Inc, a Canadian owner, developer and manager of grocery-anchored retail urban properties. It joins the company’s existing investors. They include Brookfield Property Partners, GreenSoil Building Innovation Fund, Oxford Properties Group, the real estate investment arm of OMERS, and QuadReal Property Group, owned by British Columbia Investment Management Corp.
Honest Buildings Closes Series B Extension With $30 Million Raised to Date
First Capital Realty Inc. Leads New Group of Owner Investors
NEW YORK, May 31, 2018 /PRNewswire/ — Honest Buildings, the only project management platform built for and backed by real estate owners, has closed its Series B funding round with a new group of strategic partners and additional investment, bringing the total round funding raised to $30 million. The additional investment of $5 million was led by First Capital Realty, one of Canada’s largest owners, developers and managers of grocery anchored, retail-focused urban properties. The Series B funding is focused on dramatically accelerating Honest Buildings’ technology and product functionality to scale its impact on progressing the urban landscape.
This new group of strategic partners joins existing Series B industry investors Brookfield Property Partners, Oxford Properties Group, The Durst Organization, DivcoWest Real Estate Investments, Rudin Ventures, C-III Capital Partners, QuadReal, and Altus Group, 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 in Honest Buildings to date is $48 million.
“We are very pleased to be partnering with Honest Buildings,” said Jordan Robins, Executive Vice President and COO of First Capital. “Leveraging technology platforms like Honest Buildings provides greater transparency, positioning us to create value through project cost savings and faster project delivery.”
Riggs Kubiak, Co-Founder and CEO of Honest Buildings said, “We continue to believe owners take all the capital risk on projects and deserve the absolute best technology platforms purpose-built for them. It’s exciting to see the impact we are having on cities all over the world as they continue to evolve and change, and are thrilled to be partnered with so many of the world’s leading owners and operators who share our mission for accelerating urban progress.”
Over the last two years, Honest Buildings powered a 13X increase in project volume and facilitated $13 billion in projects managed. This capital raise will allow the company to invest further in its product, engineering, design and customer success teams, with plans to double its staff in the next year. Additionally, Honest Buildings will continue to expand the platform’s scope of functionality and plans to launch a new offering for owners to leverage the power of data in managing capital spend.
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, First Capital Realty, The Durst Organization, Beacon Capital Partners, Invesco, SL Green, Silverstein Properties, JBG Smith, Harvest Properties, Parkway Properties, and Rudin Management are utilizing the power of our platform’s data-driven technology to ensure capital and construction projects are completed on time and on budget.
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