Hightower, a New York-based leasing management platform for commercial real estate, today announced that it has raised a $13 million Series B funding round led by previous investor RRE Ventures. Other participants include Bessemer Venture Partners and Thrive Capital, who together led the company’s $6.5 million Series A round, as well as new investor Pritzker Group Venture Capital. The round also includes “a handful” of “strategic real estate investors.”
The company plans to use the new funding to scale its team, accelerate product development and go international.
This new round brings Hightower’s total funding to $22 million, which makes it one of the best-funded startups in the commercial real estate world. While much of the recent startup action has focused on residential real estate thanks to startups like Porch and Houzz (as well as existing players like Zillow and Redfin), commercial real estate has remained under the radar.
Hightower, which was founded in 2013, makes it easier for commercial brokers and owners to manage the leasing process from beginning to end. Brokers, for example, can use the service to get automated leasing activity reports and access to all of their marketing materials and proposal history, just like owners can use it to centralize their deal management, asset intelligence and analytics.
The company says its service is now being used to manage hundreds of millions of square feet and seeing 20 percent month-over-month growth.
Commercial real estate is overdue for disruption and it looks like Hightower — together with companies like TheSquareFoot, Floored, Managed by Q — may be able to bring some overdue change into this industry.