Real estate tech startup SquareFoot raises $7 million to modernize the search for office space and accelerate expansion
Commercial real estate technology startup SquareFoot today announced it has raised $7 million in a series A round of financing to accelerate expansion within New York City, launch additional markets in the U.S. and expand offerings to property owners. The latest round is led by Rosecliff Ventures, with participation from Triangle Peak Partners, RRE Ventures, Primary Venture Partners, Armory Square Ventures, Entrepreneurs Roundtable Accelerator, among others.
Founded in 2012 by Aron Susman, Jonathan Wasserstrum and Justin Lee, SquareFoot provides interactive online search and concierge services for businesses to relocate and expand. Its mission is to bring transparency and efficiency to the commercial real estate industry, SquareFoot combines proprietary technology and an experienced brokerage team to modernize the archaic leasing process—from initial search and touring to lease negotiation and signing.
Prospective tenants can get a better selection of options, view availabilities, quickly narrow down options, schedule tours, share documents, and communicate with in-house brokers in real time using SquareFoot’s web and mobile platform. To date, SquareFoot has helped hundreds of established institutions and high-growth startups like Yale University, Casper, Roivant, City Block, and Dr Smood find and secure new office space.
“Businesses today understand that an office is much more than a space to work. It’s a physical extension of the brand, its culture, and values,” said Jonathan Wasserstrum, co-founder and CEO of SquareFoot. “By bringing transparency and technology to an industry that’s historically had neither, we’re empowering businesses to find the perfect home with confidence and ease.”
As the $13 trillion commercial real estate industry undergoes major digital transformation, SquareFoot is strengthening its lead as the modern, tech-enabled brokerage for growing businesses and expanding into new markets across the country. In addition to the company’s tenant-facing tools and services, SquareFoot will soon be adding new solutions to help property owners increase visibility and attract tenants.
“Much like Compass and Redfin in the residential space, SquareFoot is bringing a fresh approach to commercial real estate and using innovative technology to enhance the tenant experience,” said Michael Murphy, Managing Partner Rosecliff Ventures. “We’ve long thought it was silly how the transparency that we’ve come to expect in countless other industries still hadn’t infiltrated commercial real estate. We knew we had our platform the moment we met Jonathan and his team and learned about the vision for the industry. We are truly excited for what is to come next.”
“The pace of change in our industry is rapidly increasing since Charlie and I started out in real estate several decades ago,” says Paul Pariser, Co-CEO of Taconic Investment Partners. “There is no better time to look to improve upon the essential building blocks of our business, so we’re excited to be part of SquareFoot’s mission to create efficiencies.”