Real Estate Marketing & Beyond
Real estate project management software provider Honest Buildings has just landed a $13 million funding round as it looks to build out its platform that's targeted at real estate owners and operators.
The company said the round, which is one of the largest ever for a firm that specializes in real estate owner-specific software, was led by global real estate firm Brookfield Property Partners, with participation from C-III Capital Partners, Navitas Capital, Greensoil Building Innovation Fund, Bienville Capital Management and Riverpark Funds.
Honest Buildings said it would use the money to invest in its technology platform to add more features and expand sales.
"Developing our platform specifically for and in partnership with real estate owners is an honor," said Riggs Kubiak, CEO and Co-founder of Honest Buildings. "Real estate owners are the most entrepreneurial people in the world; they are masters of risk through the management and development of buildings impacting urban areas and we are proud to continue building a platform exclusively for them to deliver projects faster and more efficiently than ever before."
Honest Building's platform is mainly used by real estate investment companies, owners and operators to ensure capital and construction projects are completed on time and on budget. The software is used by industry leaders like Brookfield, Beacon Capital Partners, Invesco, JBG Smith, SL Green, Parkway Properties and Rudin Management to streamline project management processes, increase revenue through faster project delivery, reduce project costs and make data-driven decisions on projects portfolio-wide.
"The fact that real estate owners who are already using Honest Buildings have made the leap to become investors speaks volumes," said Brad Greiwe, Co-founder and Managing Partner of Fifth Wall Ventures, and a member of Honest Buildings' board of directors. "When you see giants like Brookfield, Invesco, Beacon Capital Partners and others adopt a solution like this, built by a team that understands the challenges of real estate owners, it's natural that the technology ends up becoming the industry standard."
Rudin Management began using the platform in 2016 and quickly decided that they wanted to invest through Rudin Ventures.
"We have seen every type of construction technology over the last 20 years and this is the only solution that truly anticipates the needs of the owner from a portfolio perspective," said John Gilbert, Executive Vice President and COO of Rudin Management. "With the platform in place, we have been able to increase revenue by delivering projects more quickly while simultaneously driving down costs."
Last month Honest Buildings announced a 500% growth rate, saying over $6 billion in projects had run through its platform, rapidly expanding to properties in every state in the U.S. and into Canada.
