New York-based Honest Buildings, a technology company that bills itself as a “project management platform built specifically for real estate owners” just closed a $21 million B-round, which includes a number of investors from the industry, according to a report by Crain’s. The companies included Oxford Properties, The Durst Organization and San Francisco-based DivcoWest, according to the company’s CEO, Riggs Kubiak. This latest round brings the total investment into the company to $36 million.
Honest’s product is a cloud-based platform that gives property owners and landlords the opportunity to track projects across their assets. These could include repairs, management of vendors and other work necessary for the healthy operations of an asset in real time. According to the company, these were functions that in the past were often managed via Excel spreadsheets.
Over the last 12 months, the company has grown its management of transactions from $2 billion to $10 billion, according to an exclusive interview Kubiak gave to The Registry a year ago and the report from Crain’s. It is not clear at this time if the company is profitable and if the strategic impact of client-investors will generate additional revenue for the company. Technology is more deeply penetrating the commercial real estate sector, and a slew of companies are entering the space helping manage services that in the past were mainly manual and labor intensive.
DivcoWest was also part of the investment group that helped another commercial real estate technology firm, Katerra, raise $865 million D-round earlier this year.