Commercial real estate listings platform Truss has landed $7.7 million in funding in order to fuel its bid to conquer the market for smaller office spaces.
Truss specializes in office space listings under 10,000 square feet in the Chicago and Dallas markets. That specialization means it mostly targets startup companies and other small businesses. It’s a niche market to be sure, but Truss argues that it’s nonetheless an under-served one, as most commercial real estate players focus on larger spaces.
“The Truss platform can immediately differentiate itself and add value to small and medium businesses,” said Tom Smith, co-founder of Truss, in an interview with TechCrunch.
Truss allows landlords to list their smaller office spaces directly on its website, also providing options for tracking their listings throughout the process. Potential tenants are verified by Truss, and the company will also handle tours of the property in question, providing feedback to clients immediately after these have finished.
Truss also uses some pretty cool technologies to bolster its platform and further differentiate itself. For example, its teamed up with virtual reality firm Matterport, which recently secured a $5 million funding round of its own, to offer 3D virtual tours of its client’s listings. The company also employs AI-powered chatbots to field queries from new clients and prospective buyers, and to help match tenants with suitable office spaces.
The latest funding round was led by Navitas Capital, with participation from existing investor Hyde Park Venture Partners. The company said the investment will be used to add platform support for industrial and retail spaces in addition to offices. The money will also be used to fund Truss’s expansion into the Austin, Houston and San Antonio markets. The company also plans to further the development of its chatbot in order to increase its functionality.
“With this latest round of funding we are able to further refine our solution and bring it to more places,” Smith said in a statement. “We’re excited to overcome the hurdles that startups, SMBs and other tenants looking for smaller office spaces have had to face.”