British Land + Patrizia invest $4m in WiredScore
The digital connectivity rating scheme has received strategic investment from property giants British Land and Patrizia, as part of a $4m (£3.2m) raise.
Both firms invested $2m and increased adoption of Wired certification across their portfolios by committing a number of additional buildings to the rating.
The certification offers landlords the opportunity to design and promote their buildings’ digital connectivity to tenants, with buildings receiving a rating of certified, silver, gold or platinum.
The funding will enable further expansion for WiredScore, in terms of footprint and researching and launching new products.
Chris Grigg, chief executive of British Land, said: “Our customers expect a fantastic experience in our places, and best in class connectivity is crucial to delivering that.
“As one of the first companies to work with WiredScore in the UK, we have found their digital connectivity accreditation and advice incredibly useful.”
Patrizia has committed a German office portfolio comprising 23 assets totalling more than 2.7m sq ft to Wired Certification.
Manuel Käsbauer, head of technology & innovation at Patrizia, said: “As proactive investment managers, we regard connectivity as crucial to the performance of our portfolio by helping us attract and retain tenants.
“This investment will further solidify our collaborative relationship and help enhance the digital infrastructure of our partners and of the real estate industry.”
The strategic investment follows WiredScore’s recent focus on domestic and global expansion, most recently into the Netherlands, Australia and Leeds, and the business’ launch of the new residential certification, WiredScore Home.
WiredScore launched the residential certification in May with 4,000 units committed at launch from customers including Legal & General, Long Harbour, Town Centre Securities, Argent, Ask, Richardson and LaSalle.
William Newton, WiredScore president and managing director said: “The real estate industry is acutely aware of the importance of digital connectivity and this extended round of funding represents landlords’ deeper understanding of Wired certification as a driver of asset value.
“Connected buildings are now the standard, however well-connected buildings command a premium, attracting and retaining tenants, supporting technology now and for the future, and underpinning business growth and productivity.”
During the first three quarters of 2019, WiredScore has certified over 75m sq ft of office space and expanded into over 70 new cities.
Patrizia is a partner of specialist proptech fund Concrete VC, and has also invested in data extraction tool Evana and asset management software Control IT.
British Land invested in US-based venture capital firm Fifth Wall’s second fund of $503m (£403m) in July, which claims to be the largest proptech investment fund to date. The developer has also invested in IPSX, the first securities market for commercial real estate.
The $4m is an extension of WiredScore’s series A raise bringing the total to $13m (£10.3m), which included investors Legal & General, U+I, Town Centre Securities, Momeni Digital Ventures, KingSett Capital and Savitt Partners.
The investment group has also received recommitment from WiredScore’s existing investors Bessemer Venture Partners, Fifth Wall and Sterling Ventures.