JLL’s Spark’s latest proptech investment is in project management platform Honest Buildings, which is designed to ensure construction projects are completed within budget.
The platform centralises project data, automates bid management, manages capital and standardises reporting.
JLL currently uses the Honest Buildings in-house to manage total project value for its institutional clients.
This new investment will allow Honest Buildings to invest further in its product growth and global expansion, starting with Australia and the UK. The sum of the investment has not been revealed.
JLL Spark’s cash boost closely follows the recent close of Honest Buildings’ Series B round of $30m, from industry investors including Brookfield Property Partners, Oxford Properties Group, First Capital Realty, Altus Group and C-III Capital Partners, and venture capital funds Thrive Capital, Navitas Capital, Rockport Capital, and Circle Ventures.
Total investment in the platform to date is $50m and is comprised of a strategic group of leading owners and venture investors.
Mihir Shah, Co-CEO of JLL Spark, said: “Investing in best-in-class technology like Honest Buildings is a big part of the JLL Spark Global Venture Fund strategy. We are constantly looking to understand our clients’ ecosystems so that we can identify the greatest pain points and determine where technology can have the greatest impact.
“The level of value Honest Buildings has already brought to some of JLL’s most prominent owner clients is extremely high and this investment allows us to further ensure that JLL, and our clients, continue to benefit from transparency into capital and construction projects.”
Riggs Kubiak, founder and CEO of Honest Buildings, added: “The future of real estate tech requires a deep collaboration and integration between the real estate owners and the technology companies themselves. JLL is one of the largest services firms that we work with focused on owners globally and this partnership will further expand Honest Buildings’ global reach. Having JLL Spark on board only further validates that what we’re doing.”