Building Engines Gets $12.7 Million Injection of Capital to Continue Growth & InnovationOctober 14, 2019
BOSTON—Building Engines, the operations software platform for commercial real estate owners, operators and occupants, received 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. The investment follows the investor group’s initial investment of $26.5 million into Building Engines in 2016.
According to a release, 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.”
Operating from its corporate offices at 33 Arch Street in downtown Boston, 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.”Tim Curran Deepak Sindwani