While financing for some proptech startups may be drying up as the summer heats up, WiredScore, a startup known for certifying digital connectivity and smart technology in homes and offices, said that it had raised $15M in Series B funding. The latest funding takes the total amount raised by the company to $28M.
Beringea led the investment, with Cushman & Wakefield, Crow Holdings, and Taronga Ventures also participating. Fifth Wall, Bessemer Venture Partners, and Jona Capital were among the returning investors.
The funds raised in this round will be used to expand WiredScore‘s industry reputation.The Manhattan-based proptech firm intends to leverage its recent capital to continue its global expansion into Europe as well as the Asia-Pacific (or APAC) sector. The funding will also be used to expand WiredScore Accredited Professionals, a certification programme that works with property managers and building advisers.
William Newton, President and MD, WiredScore, commented, “In recent years, the real estate industry has been well and truly put through its paces. Confronted with macro-economic, political and societal change, the world must place a new emphasis on how we interact with our buildings and the role they play in our future.
“For the industry to rise to these challenges we must put technology at the heart of our strategies. But not technology for technology’s sake, instead by focusing on the outcomes that technologies can drive for the users of real estate. Only then will we have a lasting impact.
WiredScore, which was founded in 2013, now has 130 workers and has certified more than 800M square feet of commercial and residential space, affecting 8M people in 27 countries.
Eyal Malinger, Partner at Beringea, commented, “WiredScore has firmly established itself as a leader in the real estate industry for prioritizing and enhancing a tech-enabled approach. There is a current, very real problem facing the sector: developers, consultants, and real estate owners are desperate to make buildings smart, well-connected and competitive, but there are few common frameworks for evaluating these attributes which is hampering innovation globally.
“WiredScore solves this dilemma by providing globally recognized standards, giving landlords, developers and tenants clear direction on how to deliver and operate in buildings that place technology at their heart.”
Inclination towards real estate
Although WiredScore began with a focus on commercial real estate, it expanded to include the multifamily sector in June 2021, with the introduction of a new certification product, WiredScore Home. Crow Holdings, a new investor in WiredScore, is one of the world’s leading multifamily developers.
WiredScore certifies the digital infrastructure and smart building technology of over 900 of the world’s real estate heavyweights, including Hines, Related, Nuveen, Greystar, SLGreen, Tishman Speyer, and PGIM.