Honest Buildings grabs an extra funding to its Series B

December 2, 2018

Real estate project management company Honest Buildings has closed additionalÂ funding to its Series B.

This latest boost of capital brings the total Series B to $21m.Â Oxford Properties Group led this latest funding, alongside participation from The Durst Organization and DivcoWest Real Estate Investments.

The initial Series B was a $13m investment last October, Brookfield Property Partners, Rudin Ventures, C-III Capital Partners, Navitas Capital, Greensoil Building Innovation Fund, Bienville Capital Management, Riverpark Funds, The Westly Group, Rockport Capital, Circle Ventures and Thrive Capital.

The New York-based company offers real estate owners with a project management platform, that uses data technology to ensure capital and construction projects are completed in time and under budget. Through the solution users can check how their portfolio is performing against its budget, and check costs or change orders and invoices to identify risks and opportunities.

Last year, Honest Properties saw a 500 per cent YoY increase in project volume and facilitated more than $6.5bn in transactions for landlords, according to the company.

Equity from the round will be used to support its expansion across North America and in to a select international markets. Some of the proceeds will also go towards growing the product and development teams.

Oxford executive vice president, Canada Michael Turner said, “The real estate industry is being reshaped by technology and the availability of real time data. By improving visibility, platforms like this are helping us and owners across the globe make smarter, faster decisions at scale, and increasing control over outcomes.”

As part of the transaction, Oxford Properties Canada executive vice president Michael Turner will join Honest Buildings board of directors.

Last week, real estate data platform Propstack was said to close an investment from a group of angel investors. The India-based company helps to provide clients with a data set on the rent and sale of offices within the market.