For businesses of all shapes and sizes, finding a new office can be a huge but necessary pain. SquareFoot aims to streamline the process by offering a suite of tools to help stakeholders in the office search process discover and refine their requirements, and ultimately receive a set of commercial real estate listings that meet those needs.
Today, SquareFoot announced that it has closed $7 million in a Series A round led by Rosecliff Ventures, with participation from Triangle Peak Partners, RRE Ventures, Primary Venture Partners, Armory Square Ventures, and the Entrepreneurs Roundtable Accelerator, among others. According to Crunchbase data, the company has raised $6.4 million in prior financing, most recently a $3.9 million seed extension closed in late 2016.
SquareFoot intends to use the fresh capital to to continue scaling operations in its home base of New York City, and to launch in additional US markets in the short run. The company will also be rolling out new ways for property owners to increase visibility and attract tenants, according to the statement.
In addition to the initial search process, SquareFoot also lets prospective tenants view availabilities, schedule tours, share documents, and communicate with in-house brokers. SquareFoot’s co-founder and CEO, Jonathan Wasserstrum, said in a prepared statement that a company’s office is “a physical extension of the brand, its culture, and values,” adding that SquareFoot is “bringing transparency and technology to an industry [e.g. commercial real estate] that’s historically had neither.”
According to a news release shared by the company, it has helped “hundreds” of organizations find new office spaces. Customers include Yale University, online mattress retailer and frequent podcast sponsor Casper, grocery delivery service Instacart, and on-demand workspace marketplace Breather.
Illustration: Li-Anne Dias