BOSTON–Building Engines, an operations platform for commercial real estate owners, operators and occupants, announced a $12.7 million investment led by existing investor, Wavecrest Growth Partners, with participation from River Cities Capital Funds, MassMutual Ventures, and Camber Creek Ventures.
This investment follows the investor group’s initial investment of $26.5 million into Building Engines in 2016.
The additional growth capital will expedite Building Engines’ strategy to build, buy and partner to deliver the most modern platform addressing long-standing problems in commercial real estate operations. Notably, the company’s vision includes ambitious plans to add functionality to its new and modular platform on an ongoing basis. Toward that end, Building Engines already has acquired two companies, AwareManager in 2018 and Real Data Management in May of this year.
“Our mission is to dramatically improve the tenant experience and to drive operational efficiencies for our CRE customers,” said Tim Curran, Building Engines CEO. “This new investment will allow us to keep our foot on the gas for increased innovation and continued growth, helping us deliver even more value to our customers.”
Building Engines currently serves more than 750 customers and helps manage over 2.4 billion square feet across over 25,000 properties. The company enables asset owners, owner/managers and third-party operators to deliver the optimal tenant experience by operating their buildings and portfolios in the best and most efficient manner possible. Its SaaS platform streamlines processes and connects the people involved in operating a commercial asset by automating workflows and information capture across a building’s operating environment. Leading companies like Beacon Capital Partners, Cushman & Wakefield, and Highwoods Properties rely on the platform to reduce costs, increase efficiency and create an identifiable CRE brand centered around an exceptional tenant experience.
“The commercial real estate market is investing in technology and data solutions at a rapid rate, and Building Engines is bringing a new, innovative approach to solving the most pressing operational problems of building owners, property managers and third-party operators,” said Deepak Sindwani, Wavecrest co-founder and managing partner. “Building Engines has significantly enhanced its management team, its product and its market opportunity since 2016; we’ve been very pleased with the company’s organic and inorganic growth and are eager to see the impact that their next wave of innovation will have on both the business and the industry.”
ABOUT BUILDING ENGINES
Building Engines delivers intelligent building operations through the commercial real estate industry’s most innovative SaaS web and mobile portfolio management platform, providing building teams with the data and insights they need to improve operational efficiency, mitigate risk, measure and improve tenant satisfaction and to make better, data-driven decisions.
The Building Engines integrated suite of solutions supports the full range of critical building operations, including tenant engagement and service, maintenance management, communications, task, and operational risk management.
Clients of Building Engines include many of the leading public REITs, private owner/managers and third-party management firms in the United States and Canada operating multi-tenant commercial office, medical office, retail and industrial properties.
For more information, visit www.buildingengines.com
ABOUT WAVECREST GROWTH PARTNERS
Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies. Wavecrest targets investments in high-growth companies with proven products and business models and brings to bear a differentiated combination of investing and operating experience and networks to help accelerate growth and profitability. Representative investments include Building Engines, Tier1 Financial Solutions, SpinCar, and BigTime Software. Wavecrest’s team has over three decades of collective investing and operating experience in growth-stage B2B technology companies, including numerous successful outcomes. For more information, visit wavecrestgrowth.com
Original article contributed by: Boston Real Estate Times