WiredScore, the global rating scheme for digital connectivity in commercial real estate buildings, has announced a $9 million USD (£7 million) Series A raise.
The funding was secured from leading commercial real estate investors including Legal & General, U+I, Town Centre Securities, MOMENI Digital Ventures, KingSett Capital and Savitt Partners. 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. During the first three quarters of 2018, WiredScore responded to the increased demand by expanding into eight new cities and saw a 45% uptake in certified buildings within that time-frame.
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. No longer does the solution to connectivity issues sit solely between the occupier and their internet service provider. The reality is that the driving factor in powerful, reliable connectivity is found in the building infrastructure provided by landlords.
“Our Series A investors join our client base of over 450 landlords who are taking responsibility for the shift. 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.”
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.
Matteo Colombo, Investment Director Legal & General Capital, said: “Working alongside colleagues across Legal & General, Legal & General Capital seek out innovators from a multitude of industries that support the future needs of cities. WiredScore is unique in its marketplace measuring and enabling a digital society. This investment provides clear synergies across the Legal & General business particularly our property, venture and technology investments. We see an opportunity for WiredScore, with the support of Legal & General, to continue its rapid growth and expand into new markets.”
Bill Hughes, Head of LGIM Real Assets, said: “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, said: “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.”
Ben Ziff, Managing Director, Town Centre Securities PLC, said: “With an ever-growing mix of commercial, residential, retail and car parking venues across the UK, TCS recognise the importance of offering our customers and tenants the very best digital connectivity technologies to operate their business in our evolving spaces.
“Internet access has arguably become as important, if not more so, as other mainstream requirements like water and electricity have been for decades. It is of paramount importance when businesses are looking to source office space, and we have confidence that WiredScore will be able to continue to be one of the industry leaders in offering the very best connectivity ratings across, not only our extensive portfolio but the global real estate market.”
Following the global success of the company, there is now nearly 450 million sq ft of office space already committed to Wired Certification, and WiredScore now 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.