WiredScore, the global rating scheme for digital connectivity in commercial real estate buildings, this week announced a $9 Million USD ($11.6 Million CAD) Series A raise.
The funding was secured from leading commercial real estate investors including KingSett Capital, Legal & General, U+I, Town Centre Securities, MOMENI Digital Ventures, and Savitt Partners. The investment group has also been supported by a recommitment from WiredScore’s existing investors Bessemer Venture Partners, Fifth Wall, and Sterling.VC.
Jon Love, KingSett Capital CEO, commented: "We are pleased to further support WiredScore as a customer and an investor as we are committed to delivering top of the line experiences for our tenant customers. We see how technology and connectivity impact our customers’ productivity and understand how critical it is to their success. As we set out to excel in these areas across all of our properties, we view WiredScore and their technical expertise as a partner whose contributions accelerate our advancements.”
WiredScore acts as a trusted benchmark for a building’s connectivity, giving greater transparency to tenants. The certification also provides landlords and developers with the necessary insights to improve and future-proof their buildings’ connectivity standards.
The raise follows a year of domestic and global expansion for WiredScore driven by an influx of commercial real estate firms prioritizing investment into their digital connectivity strategies. During the first three quarters of 2018, WiredScore responded to the increased demand by expanding into eight new cities and saw a 45% uptake in certified buildings within that time-frame.
Arie Barendrecht, WiredScore Founder and CEO, said: “As businesses become more dependent on digital connectivity, we are seeing a shift in the landlord’s responsibility to deliver well connected buildings. 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.
“Our Series A commercial real estate investors join our client base of over 450 landlords who are taking responsibility for the shift. Landlords including Cadillac Fairview, Ivanhoe Cambridge, Dream REIT, Slate, AIMCO, and KingSett Capital leverage our expertise to help navigate the complexities of building technology so that they can provide a well-connected experience for the businesses who call their buildings home.”
The investment will support WiredScore’s expansion geographically and vertically into new product and service areas as the company continues to gain momentum in both Canada and internationally.
Following the global success of the company, there is now nearly 450 million sq ft of office space already committed to Wired Certification, and WiredScore now works with more than 450 forward-thinking landlords and developers globally including: Cadillac Fairview, Ivanhoe Cambridge, Dream REIT, Slate, AIMCO, Kingsett Capital, EQ Office, Brookfield, Hines, Tishman Speyer, Boston Properties and Google. 1,700 buildings are committed to certification and 4 million people currently work in Wired Certified buildings across North America and Europe.