Honest Buildings, a US-based developer of project management software for the real estate industry, has increased its series B round to $25m with funding from corporates QuadReal and Altus Group.
Property developer QuadReal and real estate software provider Altus Group added $3.5m to about $21m raised by the company in two tranches, the second of which involved an $8m investment by real estate developers DivcoWest and Durst Organization in February 2018.
Real estate investors Brookfield Property Partners, Rudin Ventures and C-III Capital Partners had joined Navitas Capital, Greensoil Building Innovation Fund, Bienville Capital Management, Riverpark Funds, Westly Group, Rockport Capital, Circle Ventures and Thrive Capital for the first tranche in October 2017.
Honest Buildings has created a project management platform intended to ensure construction projects proceed efficiently. The funding will support North American expansion, the formation of new partnerships and the recruitment of product and business development staff.
Altus CEO Robert Courteau said: “We are pleased to partner with Honest Buildings to deliver collective value to real estate owners and investors by improving the management of their capital projects while also delivering greater visibility through valuable data insights.
“Capital and construction costs have a critical impact on returns and Honest Buildings brings an innovative solution to the industry that addresses an important transparency challenge.”
The round’s close brought Honest Buildings’ total funding to $43m, the company said. Circle Ventures, the venture capital arm of property developer Milstein Properties, led a $5m series A2 round for the company in 2015 that included Thrive Capital, Westly Group and Rockport Capital.