HqO raises $6.6m with backing from JLL Spark
Tenant experience software HqO is JLL Spark’s latest investment, as the built environment platform announced it has raised a $6.6m round of seed funding.
HqO, which stands for Headquarters Optimised, is a tenant analytics and engagement platform based in Boston, USA. It offers Internet of Things device compatibility and administration facilities for building managers. It also provides a range of integrations to improve the tenant experience. These include local transport real time tracking, connectivity with local retail and food outlets, and messaging notifications from building managers.
HqO was previously known as VentureApp before rebranding in January 2018.
The HqO platform is currently live at properties owned by DivcoWest, Jamestown, National Development, Boylston Properties, Bulfinch Companies, among others.
The funding round, led by venture capital firm Accomplice, also featured investment from:
- Navitas Capital, a venture capital firm focused on investing in technology for the built environment
- DivcoWest, a vertically-integrated owner, operator, developer and real estate partner to the innovation economy
- Pritzker Group Venture Capital, a venture capital firm focused on entrepreneurs helping build market-leading technology companies at every stage of their growth
- Goodwin Gaw, chairman of Gaw Capital and managing principal of Downtown Properties
- David Hirsh, former managing director or Blackstone
- Jeremy Neuer, CBRE Suburban Tri-State Capital Markets
HqO will use this round of funding to accelerate sales, marketing, product development, and property launch and success, making hires in multiple roles across all departments of the business.
Mihir Shah, co-CEO at JLL Spark: “The HqO team understands that software is a key layer in the way people experience physical space, and consequently, will play a huge role in how commercial real estate can attract and retain the most innovative, high-growth tenants.
“We initiated an exhaustive investigation into this emerging space and found that HqO’s approach to product development, go-to-market, and customer success, drives overall property value in a way that is unparalleled by other players – which is why we made this strategic investment.”
Chase Garbarino, co-founder and CEO of HqO said: “Coworking and flex-space providers have done a good job of proving that today’s tenants and employees care deeply about having a great experience at their place of work.
“However, new innovation cycles typically aren’t driven by the creation of a new middleman. Our software platform gives landlords the tools to activate their amenities, own the relationship with the end-user of their product, and ultimately increase NOI and asset value.”
The platform has yet to be adopted by any landlords in the UK marketplace.