Measurabl Closes $7M Series A Funding
Cleantech San Diego member company Measurabl, the world’s most widely adopted software platform for sustainability data management, benchmarking, and reporting closed $7 million in Series A funding today. Camber Creek, a real estate technology focused venture capital firm, led the round with participation from UK-based real estate tech investor Concrete, real estate asset manager DivcoWest, Salesforce Ventures, Sway Ventures, and returning investors Borealis Ventures and Impact Engine.
Over 26,000 commercial buildings representing in excess of 5 billion square feet spread across 67 countries benchmark sustainability performance using Measurabl. This enormous database covers everything from traditional office and industrial buildings to major sporting venues, universities, data centers, and malls and allows them to accurately compare and report sustainability performance regardless of their type or location, filling a critical gap in a multi-trillion dollar industry increasingly concerned with its environmental and social impacts.
“Sustainability has emerged as a key value driver of real estate,” said Matt Ellis, Measurabl’s Founder and CEO, “but there was no way to easily or accurately collect, benchmark, and report sustainability data so we built Measurabl to solve that problem and help real estate stakeholders implement profitable and equitable business strategies.” Prior to founding Measurabl, Ellis was the Director of Sustainability Solutions at CBRE, the world’s largest commercial real estate services company.
Sustainability, alternatively referred to using the acronym ESG for “environmental, social, governance” is used by businesses and investors in creating and executing strategies seeking superior financial returns with less risk. It is a key component of real estate investment, lending, insurance, and leasing decisions for which Measurabl has emerged as the premier ESG software and analytics provider.
“Measurabl is an essential component of our environmental data management platform,” said Ben Myers, Director of Sustainability at Boston Properties, one of the largest public owners and developers of office buildings in the United States. “Measurabl has powered the efficient collection, review and disclosure of high quality performance data for our entire portfolio.” Boston Properties, a perennial sustainability leader, ranked among the top 5% of worldwide participants in GRESB and received Nareit’s “Most Innovative” Leader in the Light Award in 2017.
Doug Hodge, former CEO of PIMCO, one of the world’s largest investment managers with $1.75 trillion in assets, said, “ESG data is foundational to a well-functioning capital market. Since real estate is such a significant asset class it will benefit disproportionately from Measurabl’s leadership on data quality and building benchmarking.” Hodge is a Venture Partner with Sway Ventures, a participant in Measurabl’s Series A.
Sustainability 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.
“Measurabl allows property investors, owners, and managers to better understand building operations, make investment decisions, and comply with investor and regulatory reporting requirements,” said Jake Fingert, General Partner at Camber Creek, who led the round. Camber Creek’s investment portfolio includes some of the world’s fastest growing real estate technology companies such as Bowery, Building Engines, Compstak, Latch, and VTS.
Ray Wirta, former CEO and Board Chairman of CBRE who is also a member of Measurabl’s Board, explained, “Sustainability has already had a remarkable impact on our industry, particularly the capital markets and investment management functions. I think the larger implications in terms of how assets are valued and the domino effect from that has a long way to go.”
Measurabl offers a base version of its software for free, creating for the first time the means for any building or entire portfolios to easily benchmark and report on sustainability performance. However, the majority of its subscribers pay to access premium features such as integrations with third party software systems and utility companies, investor reporting standards, and data quality assurance tools.