New York-based Occupier, a lease management software solution for commercial real estate tenants and brokers, has closed a $10.5 million Series A financing. The round was led by OMERS Ventures and Stage 2 Capital, with participation by existing investors Alate Partners and Metaprop. It brings the startup’s total funding to to $15.5 million.
Occupier Raises $10.5 Million Series A led by OMERS Ventures and Stage 2 Capital
NEW YORK, Feb. 9, 2022 /PRNewswire/ — Occupier, a lease management software solution for commercial real estate tenants and brokers, has raised $10.5 million in its Series A fundraising round. The round was co-led by OMERS Ventures and Stage 2 Capital with participation by seed stage investors Alate Partners and Metaprop. This brings the total raised by Occupier to $15.5M.
Founded in 2018 by commercial real estate experts Matt Giffune, Andrew Flint, and Erik Pearson, Occupier is on a mission to help organizations make smarter real estate decisions for their business. The company has created the first intelligent tech stack for real estate management from the tenant’s perspective, automating the complicated process of lease administration, lease accounting and transaction management.
Occupier plans to double its team, hiring engineering, product, sales, customer success and marketing professionals. Funds will also be used to add new features like payment processing, third-party integrations, and data customization.
With real estate as the second largest expense for many organizations after payroll, and new lease accounting guidelines requiring greater transparency into organizations’ lease obligations and financial positions, Occupier serves a specific and growing need. The new lease accounting guidelines alone (FASB’s ASC 842 and IFRS 16) will bring an estimated $3 Trillion in lease liabilities onto the balance sheet in the US.
“Our vision is to break the silos between real estate, finance, facilities, and broker teams so that all stakeholders can operate within a single source of truth on the entire lease lifecycle,” says Matt Giffune, Occupier Co-Founder. “Occupier allows brokers and heads of real estate to sign a lease agreement, then automate the management of critical dates and clauses, while the accounting team compliantly recognizes that lease then closes the books, all on one platform.”
Until now, commercial real estate software has been aimed solely at real estate owners. The pandemic forced many corporate tenants to re-evaluate their real estate strategy and operations across numerous verticals including, office, retail, healthcare, and restaurants to name a few, highlighting the need for a product designed exclusively for corporate tenants and their brokers.
Occupier has created the ability for businesses to undertake data-driven analysis to inform major business decisions like moving office headquarters, opening satellite workspace, and adopting ghost kitchens. In addition, replacing existing dispersed legacy commercial real estate management processes with technology saves time, removes human error, and unlocks an array of data that helps inform risk and opportunities in the business.
“Occupier is perfectly positioned to address an urgent need created by a near-overnight move to more flexible work practices, the demands of critical legislation and the increasing digitalization of business,” said Michelle Killoran, Investor at OMERS Ventures.
Liz Christo, Partner at Stage 2 Capital adds “Given their commercial real estate pedigree we can’t think of a better team to address this massive, underserved space. Sales teams have Salesforce, finance teams have NetSuite, design teams have Figma, HR teams have Workday and now real estate teams have Occupier.”
Occupier is a New York City based provider of real estate management software. The platform enables brokers, real estate teams, and lease accounting professionals to make smarter, more informed decisions by centralizing the way they work. Occupier allows teams to simultaneously collaborate, and it keeps everyone involved in the real estate transaction and portfolio management process.
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About OMERS Ventures
OMERS is one of Canada’s largest defined benefit pension plans, with CAD$114 billion in net assets as of December 31, 2021. OMERS Ventures invests in early-stage tech businesses, currently manages CAD$2 billion, and has made more than 50 investments in disruptive technology companies across North America and Europe including DuckDuckGo, Hopper, Wefox and Shopify.
About Stage 2 Capital
The first go-to-market venture capital firm, Stage 2 Capital combines capital and GTM execution expertise, leveraging its elite LP base of 300+ senior executives from unicorns and Fortune 500 to help portfolio companies scale revenue and accelerate growth. Co-founded in 2018 by Jay Po, former investor at Bessemer Venture Partners, and Mark Roberge, former CRO at HubSpot, Stage 2 Capital leads investments in B2B software companies between seed and Series A. For more information, visit: www.stage2.capital