Building Engines, Inc. Receives Significant Growth Investment
October 6, 2016
New Capital Will Fuel Commercial Real Estate Technology Pioneer’s Continued Innovation & Expansion
Building Engines, Inc. (“BEI”), provider of the commercial real estate industry’s most innovative web and mobile operations management platform, today announced a major growth capital investment led by Wavecrest Growth Partners, with participation from River Cities Capital Funds, MassMutual Ventures, Camber Creek Ventures and Hermes GPE. Building Engines was represented by AGC Partners during the process.
BEI provides cloud-based solutions that help clients manage over one billion square feet of commercial office, retail, medical office, industrial and mixed-use portfolios throughout the United States and Canada. By maximizing data capture, the platform empowers users to optimize property and portfolio performance through greater management visibility, control, reporting and analytics. Many of the largest and most successful real estate organizations in North America are among BEI’s clients.
“This is an exciting time for both Building Engines and the broader real estate operations technology market”, said David Osborn, founder and CEO of Building Engines. “We’re growing quickly, pursuing new innovations, and charging towards an even broader enterprise solution. This investment will help us deliver more value to our growing client list.”
“We believe that this sector is ripe for technological innovation,” said Deepak Sindwani, Managing Partner at Wavecrest. “Building Engines impressed us with its client-centric approach, tenant-facing focus, and long history of innovation. We look forward to helping them to cement their brand as the industry’s unquestioned thought and product leader. We’re thrilled to be a partner in the next phase of their development.”
“It’s all about executing on our vision to be the best, most innovative and effective, client focused company in our market,” continued Osborn. “While we had a lot of inbound interest from potential partners, we chose the Wavecrest-led investor group because they value that client focus; share our vision for a full enterprise solution, and support our continuing drive for greater innovation. Our investor group knows that these attributes are critical to being best-in-class. That alignment was the key factor in our decision.”
About Building Engines
Building Engines SaaS (software-as-a-service) web and mobile property management platform helps property operations teams improve service delivery and tenant satisfaction, mitigate operational risk, connect with tenants, and maintain their properties and equipment using performance-based insights gathered from day-to-day task completion. Building Engine’s clients include many of the leading public REITs, private owner/managers and third party management firms in the United States and Canada. For more information, visit www.buildingengines.com
About Wavecrest Growth Partners
Wavecrest Growth Partners is a new growth equity firm focused on investments in high-growth, profitable B2B technology companies. The firm’s co-founders are experienced investors and operators with prior experience at high growth cloud technology companies and leading growth equity platforms including Bain Capital Ventures, and they have completed over 15 tech growth equity investments to date. Wavecrest partners with management teams, providing them with capital and their operating expertise, to help increase enterprise value. The firm is based in Boston, MA. info@wavecrestgrowth.com
River Cities is a growth equity firm investing in high-potential healthcare and information technology companies. A consistent, cohesive team has honed its strategy over five funds with compelling performance. The firm, located in Cincinnati, OH and Raleigh, NC, is actively seeking new investments for its $200 million Fund V.
MassMutual Ventures LLC backs entrepreneurial companies that are transforming the insurance and investment services markets through technology and business model innovation. Massachusetts Mutual Life Insurance Company (MassMutual) is the parent company of MassMutual Ventures LLC.
Camber Creek is a venture capital firm, providing strategic value and capital to operating technology companies focused on the real estate market. Camber Creek is an affiliate of Berman Enterprises, a real estate development firm that owns and manages over 9 million square feet of office, retail, and multifamily properties.
Hermes GPE is a global private equity firm focusing on co-investments in growth sectors. The firm also makes primary fund and secondary investments from its network of offices in New York, London and Singapore. Hermes GPE is a joint venture between its management team and Hermes Investment Management.
AGC Partners is a leading investment bank with a focus on providing strategic advisory services to private technology companies. Since its inception in 2003, AGC has completed 282 technology M&A and growth equity transactions. This transaction highlights once again AGC’s position as the leading software advisor by volume for two years running, as ranked by 451 Research.