Occupier raises $5 million
New York-based Occupier , a company that helps businesses navigate the complexities of managing a portfolio of real estate leases, and ensure compliance with new accounting standards, has finalized a funding round of $5 million. The round is led by Alate Partners and MetaProp, with participation from Second Century Ventures, Thomson Reuters Ventures, and commercial real estate industry leaders across the US.
Founded in 2018, the company (a team of ~14) provides a software used by commercial tenants to maintain compliance with lease accounting standards, manage real estate leases, and execute lease transactions. The Occupier platform connects all business stakeholders, internal and external, to a single source of real estate portfolio data, and allows them to collaborate on critical workflows for site selection, deal negotiation, lease management, and compliance with new FASB ASC 842 and IFRS 16 lease accounting standards. The company also provides client and deal management software to tenant representation brokers, allowing them to better serve their clients and drive transaction volume in a centralized system. Customers include DraftKings, Hopper, Shake Shack, Bluestone Lane Coffee, Bonobos, JLL, CBRE and T3Advisors.
“Our vision is to be the place where commercial real estate happens online. The opportunity to eliminate the complexity, uncertainty, delay, and missed opportunities inherent in a historically off-line process for managing a company’s real estate is massive. Whether you oversee a portfolio of corporate, retail, or industrial locations, or are a brokerage team managing a pipeline of deals, Occupier puts you in position to make decisions that eliminate unnecessary costs and create flexibility and growth for your business.” – Occupier Co-Founder Matt Giffune.
“An unprecedented convergence of major forces is upending the traditional norms of commercial real estate. The Covid-19 pandemic has forced companies to rethink their use of space, and looming changes to lease accounting standards require companies to change how they treat their real estate expenses on their balance sheets. In order to adapt to this new dynamic, businesses need to invest in real estate technology that supports their future success.” – Occupier Co-Founder Andrew Flint.
“Occupier’s founding team has demonstrated a deep understanding of the pains and struggles experienced by businesses managing a real estate portfolio. We have been working with the Occupier team since their earliest days, and are excited to see them continue to drive innovation in an underserved market.” – Courtney Cooper, Principal of Alate Partners who is joining the company’s board of directors.
“What excites us most about Occupier is the massive opportunity they have to provide modern technology to an extremely underserved market of occupiers of commercial space and their advisors. Occupier’s unique insight into the problems facing commercial real estate tenants and brokers positions them as the innovator in space with an ever-increasing demand for data transparency and collaborative workflow tools.” – MetaProp Partner Maureen Waters. Maureen will join Occupier as a Board Observer.
