Honest Buildings Raises $13M in Series B Round of Funding

10/12/17

Honest Buildings, the only project management technology built for real estate owners and operators, has raised $13 million in its latest round of funding.

The round, one of the largest announced for real estate owner specific software, is backed by leading landlords, including global real estate firm Brookfield Property Partners, Rudin Management, C-III Capital Partners, as well as venture capital firms Navitas Capital, Greensoil Building Innovation Fund, Bienville Capital Management and Riverpark Funds. Previous investors The Westly Group, Rockport Capital, Circle Ventures and Thrive Capital also participated in the round.

"Brookfield is committed to identifying and capitalizing on innovative technology that is built with our needs in mind to enhance our global operations," said Ric Clark, Senior Managing Partner and Chairman of Brookfield Property Partners. "Honest Buildings has become an extension of the Brookfield property management and project management process teams, and we have seen valuable cost and time efficiencies driven by its platform as we continue to roll it out across our portfolio. As one of the largest real estate companies in the world, Brookfield is in a unique position to help innovative companies at the intersection of real estate and technology grow, and our investment in Honest Buildings reflects our belief in its potential to command an industry-leading position."

"The fact that real estate owners who are already using Honest Buildings have made the leap to become investors speaks volumes," says 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," says 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 when over $6 billion in projects had run through the platform, rapidly expanding to properties in every state in the U.S. and into Canada. New users to the platform over the last year include The Durst Organization, Silverstein Properties, Harvest Properties, Divco West, Washington REIT and many more.

"Developing our platform specifically for and in partnership with real estate owners is an honor," says 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."

About Honest Buildings

Honest Buildings is the only project management platform built for owners and operators to ensure capital and construction projects are on time and on budget. Industry leaders like Brookfield, Beacon Capital Partners, Invesco, JBG Smith, SL Green, Parkway Properties and Rudin Management utilize the intuitive software to streamline project management processes, increase revenue through faster project delivery, reduce project costs and make data-driven decisions on projects portfolio-wide.

Real estate owners, operators and managers rely on Honest Buildings to manage billions of dollars in total project value through centralizing project data, increasing transparency, automating bid management, and standardizing reporting. To learn more about Honest Buildings, visit: www.honestbuildings.com.

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