Developers back WiredScore in $9m Series A funding round
Commercial property players Legal & General, U+I, Town Centre Securities, as well as MOMENI Digital Ventures, KingSett Capital and Savitt Partners have financed a Series A round for WiredScore, the rating scheme for digital connectivity in commercial real estate buildings.
A total of $9m (£7m) was raised in the round. The investment group has also been supported by a recommitment from WiredScore’s existing investors Bessemer Venture Partners, Fifth Wall and Sterling Ventures.
WiredScore acts as a trusted benchmark for a building’s connectivity, giving greater transparency to tenants. The certification also provides landlords and developers with the necessary insights to improve and future-proof their buildings’ connectivity standards.
The raise follows a year of domestic and global expansion for WiredScore driven by an influx of commercial real estate firms prioritising investment into their digital connectivity strategies. So far in 2018 WiredScore has expanded into eight new cities, and reports a 45% uptake in certified buildings within the first three quarters of this year.
The investment will support WiredScore’s expansion geographically and vertically into new product and service areas as the company continues to gain momentum both in the UK and internationally.
William Newton, WiredScore president and UK managing director, said: “As businesses become more dependent on digital connectivity, we are seeing a shift in landlords’ responsibility to deliver well connected buildings.
“Our Series A investors join our client base of over 450 landlords. Our clients leverage our expertise to help navigate the complexities of building technology so that they can provide a well-connected experience for the businesses who call their buildings home.”
Bill Hughes, head of LGIM Real Assets, said of LGIM’s decision to invest: “As existing clients of WiredScore, Legal & General has seen first-hand the benefit of the Wired Certification, as we seek to enhance our property proposition through the improvement and promotion of digital infrastructure and connectivity to tenants. It is through collaboration with technology companies, such as WiredScore, that we can access and embrace innovative solutions that can provide an improved experience for our stakeholders.”
Matthew Weiner, CEO, U+I, added: “In just a few decades, mobile technology has radically transformed the way we live, work and play. Great connectivity of our built environment is already one of the most essential and valuable assets of commercial property, preparing us for the digital future ahead. I can envisage a world not far from now in which connectivity is as prized by home buyers and sellers as good transport links or period details.
“So it’s important that the property industry keeps up. After all, if people and the UK economy are to reap the benefits technology has to offer for decades to come, connectivity must be hardwired into our cities’ infrastructure now. That’s why we’re proud to support world-leading WiredScore in its ambition to empower landlords to deliver best-in-class connectivity experience to tenants.”
There is currently almost 450m sq ft of office space worldwide already committed to Wired Certification. WiredScore works with more than 450 forward-thinking landlords and developers globally including: Blackrock, British Land and Hines. 1,700 buildings are committed to certification and 4 million people currently work in Wired Certified buildings across North America and Europe.