Toronto-based Mero Technologies, a technology company that uses internet-of-things sensors to enable the cleaning of large commercial buildings, has closed a $2.5 million seed financing. The round was led by Fresco Capital and IX Labs. The funds raised will support Mero’s North American growth and integrations with other smart building platforms.
Mero Technologies Closes Seed Round to Improve Cleanliness of Commercial Buildings
TORONTO, ON, August 10, 2021 – Mero Technologies, a technology company utilizing Internet of Things (IoT) sensors to empower dynamic, efficient cleaning of large commercial buildings, has completed a $2.5M USD seed round, led by Fresco Capital and IX Labs.
Since its 2017 launch, Mero Technologies has gained a strong foothold in the commercial cleaning and hygiene market, boasting several clients in the commercial real estate sector including Choice Properties, QuadReal Property Group, Brookfield Properties, Colliers, and more. The funds will be used to further expand Mero’s products across Canada and into the USA, and help bolster its list of integrations with other smart building platforms. At present, Mero Technologies operates in over 100 buildings in Canada, USA, and Europe, with over 10,000 sensors installed.
Fresco Capital has been an active investor since 2012 in technology companies supporting workplace wellness and productivity. The approach taken by Mero Technologies is highly aligned with the Fresco Capital investment thesis, which emphasizes an empowered workforce, holistic wellness, and sustainable loops.
“We are delighted to partner with Mero Technologies as investors and collaborators to create a more productive, sustainable, and enjoyable workplace while simultaneously enhancing the health and safety of buildings for both employees and visitors,” says Tytus Michalski, Managing Partner of Fresco Capital. “There is an urgent and global demand for the successful solution established by Mero Technologies, and we are excited to help the team expand the reach of their innovative product.”
Originally launched in 2019, IX Labs has since aggressively expanded its network of contacts in the startup and investment spaces, having established itself as a VC looking to deploy capital in technology-first companies in the process. The investment into Mero is the first-ever capital investment made by IX Labs.
“Being the first of our capital investments, we could not be more excited to welcome Mero Technologies to the IX Labs portfolio,” says Mayuran Yogarajah, Head of IX Labs. “This investment is especially timely as we all place a renewed focus on workplace health and hygiene as a result of the COVID-19 pandemic. Our focus at IX Labs is on companies that utilize technology to solve global problems, and Mero’s platform will play a key role in returning to work safely.”
Mero Technologies aims to revolutionize the commercial cleaning industry by re-inventing commercial cleaning practices. Commercial cleaning has long been routine-based, but new standards from COVID have caused buildings to see variable occupancy, with more individuals working from home. As a result, commercial real estate has pushed for labour-based industries such as cleaning to be more dynamic. Mero provides the data to empower dynamic cleaning while improving the sustainability of public spaces.
Their technology is an IoT sensor that provides real-time data on consumable and traffic levels to commercial property managers and cleaning teams. Via a subscription-based model, commercial property managers improve maintenance workflows of cleaning staff and increase transparency, while saving >30% of cost. These savings come at a time following the effects of COVID-19 where commercial buildings critically need it.
Mero’s sensors detect the supply levels of materials like soap and toilet paper, restroom traffic, and cleaning frequency to reduce waste and optimize cleaning processes. As part of these sustainability efforts, Mero Technologies is helping clients work towards achieving BOMA BEST Smart Building certification and LEED certification.
“The investment by Fresco Capital and IX Labs is invaluable, especially as we work towards creating a more sustainable commercial real estate industry,” says Nathan Mah, Business Co-Founder at Mero Technologies. “In such a massive, yet traditional industry, disruption is inevitable, and we are proud to be on the leading edge of re-inventing what our experience in public spaces will be. Cleaning and hygiene has never been more on the forefront of everyone’s minds, so we’re excited to begin this new chapter with Fresco, IX Labs, and their teams to scale the Mero solution across North America.”
As part of its strategy to streamline commercial cleaning, Mero will soon be launching Mero Marketplace, a platform that will facilitate improved tenders and purchasing for commercial property managers. The platform will track inventory in real time, estimate how much supply will be required for the next purchasing round, and allow property managers to tender supplies and labour directly through the platform.
“Our mission since our inception has been to foster beautiful, healthy, and sustainable urban environments for all, and that mission has never been more important than it is today,” says Mah. “We’re excited to continue to accomplish our goal to grow our solution to every commercial building across North America.”
About Mero Technologies: Mero Technologies is an IoT company providing smart labor allocation and supply utilization to commercial property managers powered by smart sensing technology. They are on a mission to foster beautiful, healthy, sustainable urban environments for all. Their products are deployed across 100+ buildings globally with customers including Choice Properties, QuadReal Property Group, Brookfield Properties, Colliers, and more. Mero is headquartered in Toronto, ON. For more information, please visit Mero.
About IX Labs: IX Labs is the investment arm of global ad tech company Index Exchange. Launched in 2019, IX Labs aims to accelerate the adoption of technology to solve everyday problems by investing in technology-first startups led by mission-focused leaders who want to change the status quo. By investing in pre-seed and seed stage startups across FinTech, HealthTech, and IoT, IX Labs champions new talent, ideas, and resources by solving real problems in the industry, while scaling and ultimately driving further innovation.
About Index Exchange: Index Exchange is a global advertising marketplace where premium digital media companies transact ad impressions with accountability and in real-time. Built on the pillars of neutrality, openness, and the most reliable technology, Index Exchange is the ad exchange that media companies and marketers trust. An engineering-first company, Index Exchange prioritizes investing in hardware as well as bigger and better data centers to safely and independently store and process transactions. Visit Index Exchange or @indexexchange.
About Fresco Capital: Fresco Capital is a global venture capital firm started in 2012 with a portfolio of early stage investments that includes 15 exits and a combined market value of $5.4B USD. The firm investment thesis covers the intersection of people and technology, with a focus on an empowered workforce, holistic wellness, and sustainable loops.