Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
The Real Deal
CoStar Group’s second-quarter profits slid 4.5 percent to $60 million as it incurred higher operating costs and slower sales during the pandemic. During the quarter, the data giant reported $35 million in net new sales, down from $59 million during the same period last year. But as sales picked up during reopening, CoStar said it notched a record $22 million net new sales in June.
Wall Street Journal
WeWork enjoyed explosive early growth as a refuge for small startups and freelancers. Now, it is ditching that image while trying to revive its business with larger, more-traditional corporate clients. With the new emphasis, WeWork hopes to weather a serious downturn in the office market triggered by the coronavirus. In June, large companies accounted for 65% of its new customers, said Sandeep Mathrani, chief executive of WeWork parent We Co. The second quarter marked the first time that compani…
The Real Deal
Density, a startup that anonymously tracks how people move through buildings, has raised $51 million from heavy-hitting investors in time to help offices reopen for business. The Series C brings the New York City startup’s total funding to $74 million as companies scramble to keep employees safe at work.
Bloomberg
Fueled by buybacks, analyst valuations, earnings expectations and IPOs, SoftBank Group Corp. shares are retracing their way back to heights last seen during the dotcom bubble 20 years ago. SoftBank shares rose 2.3% in Tokyo Tuesday to close at 6,645 yen, the highest since March 2000. The stock is up almost 150% from March.
Venture Beat
OpenSpace, a platform that helps construction teams track the progress of building projects by capturing 360-degree photos of construction sites, has raised $15.9 million in a series B round of funding led by Menlo Ventures. While the construction sector has never been renowned for efficiency, digital technology is playing a pivotal role in getting the $11 trillion industry back on its feet during the COVID-19 crisis. The industry has been particularly hard hit by the pandemic, due to social dis…
VC News Daily
Last week, cohesion, a spin-off venture of ESD, raised $6.5 million in seed funding to support their award-winning SaaS intelligent building platform, based on technology originally conceived and built at ESD. The cohesion intelligent building app is the first award-winning proptech SaaS to integrate siloed building systems with tenant experience. It provides building developers, owners and operators with useful tenant occupancy data, which can inform staffing needs and equipment schedules, enab…
Crunchbase
Buying and selling a home are among the biggest decisions someone will make, and they can also be challenging experiences. A few weeks ago, I wrote about Nomad Homes developing a platform to simplify the home-buying experience in Europe and the Middle East. Now meet Flat.mx, a property tech startup that is doing something similar in Mexico, but on the sale side….
Benzinga
FreightWaves, one of the leading providers of freight data and analytics, has raised $37 million in two rounds of minority investment since April. The latest round was led by Kayne Partners Fund, the growth private equity group of Kayne Anderson Capital Advisors, L.P. Kayne Partners Fund has committed $30 million to accelerate FreightWaves’ growth. This round puts the total capital raised by FreightWaves at $75 million.
The Propcast
In this episode we talk to Robert Courteau from Altus Group about Global Data. The Propcast is by Louisa Dickins, Co-Founder of LMRE the leading Global PropTech recruiter brought to you in partnership with UK PropTech Association, The UK PropTech Association is a membership organisation to drive the digital transformation of the property industry. This show will focus on connecting the Proptechs, real estate funds and VC’s globally…and get everyone talking about innovation of the built environme…
Wall Street Journal
Fewer than one-tenth of Manhattan office workers have returned to the workplace a month after New York gave businesses the green light to return to the buildings they vacated in March, according to the city’s leading landlords, brokerage firms and employers. Major financial institutions like Citigroup Inc. C -0.74% and JPMorgan Chase & Co. have allowed only a small number of traders, bankers and other employees to return to the workplace. Technology firms have been even more tentative, with …
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