Measurab Raises $ 50 Million to Help Decarbonize Commercial Buildings
[ad_1]
San Diego startup Measurab, which makes software that helps commercial real estate companies track the carbon footprint of properties, has raised $ 50 million in a Series C venture capital investment.
The money will accelerate Measurabl’s efforts to expand into new markets and introduce additional features to help drive decarbonization in commercial real estate.
âI think we need to move from measurement and disclosure, and we need to take action,â said Matt Ellis, Founder and CEO of Measurab. âToday there is a fundamental change in the way society, government and financial markets expect businesses to be managed. We really need to help our clients to decarbonise their real estate portfolios. “
Founded in 2013, Measurabl has clients in 80 countries who use its subscription software to collect and report âinvestment gradeâ sustainability data on 11 billion square feet of commercial buildings.
According to the source, commercial real estate is responsible for around 40% of carbon emissions worldwide. But collecting and manually reporting this information can be difficult for building owners and managers.
Ellis saw it firsthand as Director of Sustainability Solutions at CB Richard Ellis before launching Measurab. Its subscribers now include several US-listed real estate investment funds and global real estate asset managers with a total gross asset value of $ 2,000 billion.
âWe have partnered with Measurab for many years to help implement environmental, social and governance initiatives across our real estate portfolios, and their data platforms help us achieve real and measurable benefits in terms of operational efficiency and sustainable performance of our investments, âsaid Katherine. Sherwin, Global Head of Sustainable Investing for BlackRock.
While sustainability measurement and reporting software remains his core business, the next step for Measurabl is to harness his wealth of data that he has collected over the years to deploy a new product to help real estate lenders. and equity investors to identify environmental risks in the commercial buildings they finance.
âMy firm belief is that the most powerful players in this area are the capital markets,â said Ellis. âRemember that real estate is the largest asset class in the world. So imagine if you could get some information (on sustainability) about this market, and it could start to assess the environmental and social impacts. “
This latest round of funding was led by Energy Impact Partners, an investment company focused on sustainable energy. New investors include a subsidiary of Starwood Capital Group: Colliers and Cushman & Wakefield: Lincoln Property and individuals from Stone Point Capital.
Prior to this latest round of funding, Measurabl raised $ 35 million from investors such as S&P Global, Salesforce Ventures, Sway Ventures, Constellation Technology Ventures and Building Ventures.
The company currently employs around 115 workers, Ellis said. It aims to increase the number of jobs to 200 by the end of the first quarter of next year. Measurabl also plans to eventually deploy a professional services company to help clients transform âbrownâ buildings into âgreenâ buildings that are sustainable.
âThe decarbonization potential of the world’s largest asset class is an imperative that relies on making accurate environmental, social and governance data available,â said Ellis. âWhen we do this, every real estate transaction, from the purchase of individual buildings to the securitization of loans backed by hundreds of assets, can be sustainable, with profound benefits for business and society.
[ad_2]