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HqO raises $60m with JLL and Cushman backing

Riding the wave of tenant experience platforms, HqO has raised $60m in Series C funding as investors rush to back the increasingly digital return to the office.

Global adviser Cushman & Wakefield, Suffolk Capital and PruVen Capital were new investors in HqO in its latest funding round, joining previous investors such as JLL Spark, Navitas Capital and Insight Partners.

With backing from both commercial property and venture capital businesses, HqO has raised $106.9m to date. The startup will use the new funds to support rapid growth in the industry.

HqO launched its operating system for commercial office buildings last year, which works as a building’s remote control. Users have access to an array of services to control property experiences for tenants from a single platform. For example, a recent feature, Capacity Manager, allows HqO users to manage the number of employees that come into a building on a given day.

Blending the physical and digital office experiences together, HqO aims to generate more value for office owners through its technology and the analytics it produces.

As demand for these services grows amid the global return to the office, HqO has grown to more than 150m sq ft under management – up from about 90m sq ft less than a year ago. Revenue has tripled in the last 12 months, the company said, and its headcount has doubled.

AJ Malhotra, principal at Insight Partners, said: “Customer demand for HqO’s offering continues to be extraordinary. The company helped landlords, property teams, and tenants alike adjust to the changes of the pandemic around the world.

“HqO is empowering office owners to bring their assets into the future through tenant experience, technology partnerships, and advanced data and analytics capabilities. This is crucial to the success of CRE, and we are excited to continue our partnership with the HqO team as they lead the tenant experience space.”

Travis Skelly, partner at PruVen Capital, added: “The CRE industry is in the process of shifting the value equation away from the physical nature of the buildings to the tenants and employees who occupy them. We believe that a world-class tenant experience platform will help to satisfy this shift. After extensive research, we have identified HqO as the tenant experience market leader.”

The team services more than 60 commercial real estate clients worldwide, including Landsec, Grosvenor, Nuveen Real Estate, Columbia Property Trust, Vornado Realty Trust, Jamestown L.P. and J.P. Morgan Asset Management.

Chase Garbarino, co-founder and CEO of HqO, said: “We’re really happy with the composition of our Series C round being led by existing investors, but also bringing together a network of strategic investors setting HqO up for unprecedented growth as the world returns to offices. This round of funding is more than just capital; it comes with strategic partnerships that will significantly expand HqO’s reach and differentiate our offering.”

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