JLL Technologies, the technology division of real estate services provider JLL, led a $29m funding round for US-based workplace software producer Eden on Tuesday.
Although the precise price was not disclosed by Eden, it stated it has now raised $69m in total, its overall funding standing at $40m in December 2019. The round included Y Combinator Continuity Fund and undisclosed private investors, according to TechCrunch.
Founded in 2015, Eden offers a facility management service for offices in 25 cities globally, using software to centralise vendor bids for office cleaning, IT support, repair and maintenance work, food and beverages.
The capital will be used to buy competitor Managed by Q from workspace provider WeWork, which acquired it for $220m in April 2019 – $100m in cash and the rest in shares. Eden is buying it for $25m, sources told TechCrunch, despite its founders lobbying to purchase it instead.
Yishai Lerner, JLL Technologies’ co-CEO, is joining Eden’s board of directors in connection with the round. He said: “No matter the size of company, whether a fast-growing startup or one of the Fortune 1000, JLL aspires to solve its workplace experience needs.
“By welcoming Eden and Managed by Q to the JLLT portfolio, we are excited to partner to bring managed workplace services and software to a broader spectrum of JLL clients and further increase the productivity and happiness of the workforce.”
The December round was a $25m series B led by real estate technology investment firm Reshape and also backed by property developers Mitsui Fudosan and RX Realty, and Comcast Ventures, mass media group Comcast’s corporate venturing unit.
Fifth Wall Ventures, Alate Partners, Canvas Ventures, Impala Ventures, Bessemer Venture Partners (BVP), Quiet Capital, Thor Equities, Crystal Towers, Eniac Ventures and various individuals made up the round.
Spectrum 28 had led Eden’s $10m series A round in 2017, investing with Fifth Wall Ventures and existing backers Comcast Ventures, BVP, Canvas Ventures, Eniac Ventures and Y Combinator. Its earlier investors include Maven Ventures, SV Angel, Redpoint Ventures, Slow Ventures and Index Ventures,
