SAN DIEGO, CA, Software for commercial real estate ESG (environmental, social, governance) data management, has closed $18.7M in Series B funding, led by Sway Ventures.
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Measurabl, the world's most widely adopted software for commercial real estate ESG (environmental, social, governance) data management, has closed $18.7M in Series B funding. Sway Ventures led the round after participating in the Series A. Other repeat investors include Salesforce Ventures and real estate technology specialists Camber Creek, who led the Series A, Building Ventures, Concrete Ventures, Impact Engine, and DivcoWest. Major new investors included Constellation Technology Ventures, the venture investing arm of Exelon Corporation, and S&P Global, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets.
Over 30,000 commercial buildings representing nearly 7 billion square feet across 70 countries measure, manage, and report ESG performance using Measurabl. Within the U.S. alone, Measurabl covers approximately 7% of commercial floorspace. This uniquely deep and diverse real estate database includes everything from traditional office and industrial buildings to major sporting venues, education facilities, government campuses, data and retail centers.
"We're heading towards a convergence where ESG indicators are held in comparable esteem to traditional financial metrics," says Matt Ellis, Measurabl's Founder and CEO. "As this new market reality takes hold, every real estate transaction - from investment to lending, appraisal to insurance, leasing to CapEx - will require easy access to accurate ESG indicators. Measurabl is building the digital infrastructure to enable this market transformation."
"The market has grown considerably in its ability to integrate ESG into its decision-making and investment processes," said Martina Cheung, President of S&P Global Market Intelligence and lead for the company's ESG product strategy. "Measurabl is an early mover in the CRE ESG data space with a proven track record and opportunity to further establish itself as a key source of data for businesses and asset managers. We look forward to further exploring opportunities with Measurabl in order to provide our clients with bolstered capabilities in measuring ESG considerations."
ESG has become a critical point of differentiation and competitive advantage for real estate owners who can use it to gain preferred access to capital markets as well as lending and insurance products. For example, Boston Properties, the largest office REIT in the U.S. and an early Measurabl adopter, recently oversubscribed a $1 billion green bond issuance.
"We have led on matters of sustainability for many years including certifying our properties under green standards like ENERGY STAR and LEED, investing in energy efficiency, and disclosing ESG performance through organizations like GRESB," noted Michael LaBelle, CFO of Boston Properties. "These investments have translated into a high performing portfolio of real estate that is desirable to our clients and delivers superior shareholder value. Our recent green bond issuance is just another example of the importance that ESG holds for Boston Properties."
Meanwhile corporations, many of whom derive the majority of their environmental impacts from leased or owned real estate, are finding ESG essential to their brand, employee attraction and retention programs, in addition to their bottom line.
ESG is particularly relevant to real estate since it is one of the world's most polluting industries, responsible for nearly 71% of US electricity consumption, 39% of carbon emissions, 14% of potable water usage, and 40% of raw materials usage. People spend 90% of their time indoors - the health and wellbeing implications of which are only now being understood and addressed using technologies like Measurabl.
"Investing in Measurabl aligns with our commitment to continually develop solutions that empower our customers and communities to reduce their carbon footprint and save money," said Jorge Acevedo, Senior Vice President, Generation Innovation & Strategy, at Constellation. "Through Measurabl's innovative platform, we have the potential to better serve new and existing commercial and industrial customers by providing a seamless sustainability reporting platform and more customized energy products and services."
"The evidence is clear. Investors, both institutional and individual, are embracing sustainable investing, not only because they care about our planet, but because they can earn high quality returns," says Doug Hodge, former CEO of PIMCO, Venture Partner at Sway, and new Measurabl Board Member. "Measurabl is a special company. It is uniquely positioned with the vision and scale to have a positive, transformative impact on how capital is allocated to the real estate markets."
Measurabl will invest Series B proceeds into product R&D, partnerships, customer service, and expanding its platform to Asia, in addition to growing European and North American markets already served.
Measurabl is the world's most widely adopted ESG software for commercial real estate. Nearly 7 billion square feet of commercial property valued in excess of USD $1 trillion across 70 countries use Measurabl to measure, manage, and report environmental, social, and governance performance. ESG data is used to exceed tenant expectations, comply with government regulation, and access capital markets. Learn more at http://www.measurabl.com.
About Sway Ventures
Sway Ventures is a US-based venture capital firm investing in early to mid stage technology companies. We invest in high performing teams, building revolutionary technology, creating the next enterprise or consumer category. With a focus on strategic capitalization, business development support, and engineered exits, we provide great teams with the support they need to change the future. https://swayvc.com/
Constellation is a leading competitive retail supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation's family of retail businesses serves approximately 2 million residential, public sector, and business customers, including more than two-thirds of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation (NYSE: EXC), the nation's leading competitive energy provider, with 2017 revenues of approximately $33.5 billion, and more than 32,000 megawatts of owned capacity comprising one of the nation's cleanest and lowest-cost power generation fleets. Learn more at http://www.constellation.com/ or on Twitter at @ConstellationEG.
About S&P Global
S&P Global is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The Company's divisions include S&P Global Ratings, S&P Global Market Intelligence, S&P Dow Jones Indices and S&P Global Platts. S&P Global has approximately 20,000 employees in 31 countries. For more information visit: http://www.spglobal.com.