MassMutual Ventures, the corporate venturing arm of insurance firm Massachusetts Mutual Life, has participated in a $12.7m round for US-based property management software developer Building Engines.
Wavecrest Growth Partners led the round, which also featured fellow growth equity firm River Cities Capital Funds as well as Camber Creek Ventures, the venture capital firm backed by real estate developer Berman Enterprises.
Building Engines has built a software platform for the commercial real estate (CRE) sector that allows property managers to interact with tenants, schedule maintenance and monitor and manage risk.
The same four investors had previously joined private equity partnership Hermes GPE to provide $26.5m in funding for the company in 2016.
Tim Curran, chief executive of Building Engines, said: “Our mission is to dramatically improve the tenant experience and to drive operational efficiencies for our CRE customers.
“This new investment will allow us to keep our foot on the gas for increased innovation and continued growth, helping us deliver even more value to our customers.”
