Commercial real estate technology platform SquareFoot has secured $7m in a Series A funding round led by Rosecliff Ventures.
Other contributions to the round came from Triangle Peak Partners, RRE Ventures, Primary Venture Partners, Armory Square Ventures, and Entrepreneurs Roundtable Accelerator, among others.
Founded in 2012, the company combines technology and its brokerage team to digitise the leasing process from the initial search through to lease negotiation and signing. Potential tenants are able to use the mobile or web platform to search through a range of properties, share documents and interact with in-house brokers.
The New York headquartered company also provides users with a Space Calculator which helps them to refine their requirements and plans to improve searches.
This new capital will be used to speed up expansion within New York and launch its products to other US markets. Equity will also be used to provide new offerings to property owners, including solutions to help property owners improve visibility and attract tenants.
Rosecliff Ventures managing partner Michael Murphy said, ?Much like Compass and Redfin in the residential space, SquareFoot is bringing a fresh approach to commercial real estate and using innovative technology to enhance the tenant experience. Weve long thought it was silly how the transparency that weve come to expect in countless other industries still hadnt infiltrated commercial real estate.p>
Earlier in the year, Rosecliff Ventures took part in the $13m Series A funding round of credit card platform Petal. The firm had previously taken part in the same company seed round, which closed on $3.6m in 2017.
The real estate tech sector saw a big decline in funding in 2017, compared to 2016, according to data by FinTech Global. Last year, the global sector raised over $1.8bn; however, the previous year saw $3.1bn deployed due to a very strong Q2.
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