WiredScore, the global rating system for digital connectivity in commercial real estate buildings, announced Tuesday that it has raised $9 million in a Series A funding round.
The New York City-based firm has made Dallas one of its flagship markets, launching back in 2016. This year’s Series A raise follows a year of domestic and global growth propelled by an influx of commercial real estate firms, which have prioritized investment into their digital connectivity strategies.
WiredScore said that the funding comes from Bessemer Venture Partners, Fifth Wall, Sterling.VC, and leading global commercial real estate investors, including Legal & General, KingSett Capital, U+I, Town Centre Securities, MOMENI Digital Ventures, and Savitt Partners.
“As businesses become more dependent on digital connectivity, we are seeing a shift in the landlord’s responsibility to deliver well connected buildings.”
WiredScore certification is a benchmark for a building’s connectivity, giving tenants greater transparency. The certification provides developers and landlords with the insights needed to improve and future-proof their buildings’ connectivity standards.
During the first three quarters of 2018, WiredScore said it responded to increased demand by expanding into eight new cities, with a 45 percent increase in certified buildings during that period.
“As businesses become more dependent on digital connectivity, we are seeing a shift in the landlord’s responsibility to deliver well connected buildings,” WiredScore founder and CEO Arie Barendrecht said in a statement. “No longer does the solution to connectivity issues sit solely between a tenant and their internet service provider. The reality is that the driving factor in powerful, reliable connectivity is the building infrastructure provided by landlords.”
The Series A commercial real estate investors join a client base of over 450 landlords who are all taking responsibility for the shift. According to Barendrecht, commercial owners — including EQ Office, Brookfield, Hines, Tishman Speyer, Boston Properties, and Google — leverage the company’s expertise, helping them navigate “the complexities of building technology so that they can provide a well-connected experience for the businesses who call their buildings home.”
WiredScore plans new product and service area expansion
WiredScore said the funding will support its geographic expansion and growth into new product and service areas.
“Amenities are critical to today’s tenants and of the desired offerings, connectivity is paramount,” said Brad Greiwe, co-Founder and managing partner, Fifth Wall. “However, it’s simply not enough to invest in the technology. Landlords need a strategy in order to be successful and we believe WiredScore is the best partner to help them succeed.”
WiredScore was founded in New York in 2013 by leaders in real estate, technology, and telecommunications. The idea was to improve the city’s technology infrastructure, while also supporting entrepreneurs who were driving technological advances and creating jobs.
Currently, there are almost 450 million square feet of office space committed to Wired Certification, with 4 million people currently work in Wired Certified buildings across North America and Europe. WiredScore works with more than 450 landlords and developers globally, including EQ Office, Brookfield, Hines, Tishman Speyer, Boston Properties, Jamestown, Columbia Property Trust, and Google.
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