CRE is a Mobile Business and VC’s Agree

by CoyDavidson on August 21, 2014

Founders

Hightower Raises $6.5 Million From Bessemer Venture Partners and Thrive Capital

One of the new CRE Tech Start-Ups I have been following very closely is Hightower.

Hightower, an online platform for the commercial leasing industry, today announced a $6.5 million Series A round of financing led by existing investors Bessemer Venture Partners and Thrive Capital. Previous investors, including RRE Ventures, Red Swan Ventures, David Tisch, Lee Linden and Brandon Shorenstein, also participated in the round. The funding comes just eight months after Hightower’s $2.1 million seed round in December 2013.

Hightower financial-analysis (1) copy

Hightower’s cloud and mobile technology provides a powerful dashboard for the commercial real estate industry, introducing efficiency, transparency and analytics to a market long underserved by technology. When I was a commercial broker I was always amazed at how few tools there were to help me do my job,” says Hightower CEO and cofounder Brandon Weber. “Over the past 12 months, we’ve seen a remarkable shift in the industry. The most sophisticated owners and brokerage firms have now awakened to the reality that technology and analytics can dramatically improve their businesses. We’re excited to power that transformation.”

Commercial real estate owners use Hightower to access a 360-degree view of their leasing businesses. The software empowers owners to manage their deal pipelines, existing tenants, and marketing efforts, all in one intuitive program. For brokers, Hightower’s dead-simple smartphone application makes it simple and painless to track prospects and negotiations, access deal files, and market available space.

Hightower customers include over 40 commercial landlords and institutional investorswho manage 100’s of millions of square feet on the system. Brokers from the major firms, including CBRE, Jones Lang LaSalle, Cushman Wakefield, Colliers, and Cassidy Turley are also choosing Hightower. “In the eight months since our seed investment in Hightower, we’ve watched them win over commercial real estate with a platform that gives owners and brokers exactly what they want–simplicity, mobility and visibility,” says Ethan Kurzweil, a partner at Bessemer Venture Partners who helped lead the round. “We initially invested in Hightower because we knew Brandon and his team were top notch and the impressive traction that we’ve seen is a testament to the skill and dedication they have brought to changing the way commercial real estate does business.”

Founded in the spring of 2013, Hightower now employs 17 people in its New York City headquarters. Customers in 36 markets manage over 360 commercial properties on the system and the company is quickly expanding abroad to markets in Canada and Europe.

About Bessemer Venture Partners

Bessemer Venture Partners (BVP) invests in early-stage, hyper-growth startups, partnering closely with entrepreneurs to build durable businesses. BVP is a global firm with offices in Menlo Park, Cambridge, New York, Bangalore, Herzliya and Sao Paolo. With $4 billion under management, BVP invests anywhere from $100,000 to $75 million in innovative companies like LinkedIn, Yelp, Skype, Cornerstone OnDemand, Pinterest, Box, Shopify and Twilio. Over 100 BVP companies have gone public. Learn more at bvp.com and follow us on Twitter @BessemerVP.

{ 0 comments }

This Week’s Recommended Reading

August 16, 2014

Six Articles to Read this Weekend Does Telecommuting Kill Company Morale? Is the virtual office the “wave of the future?” Not so fast. While telecommuting is an outstanding tool in many ways, it may not be the right model for your business. In fact, it has a real potential to fall well short of its […]

Read the full article →

This Week in the Economy

August 15, 2014

Strong Week for Stocks All three major stock indexes finished the week with solid gains. The Nasdaq finished up 2.15% for the week. The Dow gained 0.66% and the S&P 500 advanced 1.22% for the week. Below are links to the top economics news for the week: Consumer Sentiment Dips in August Texas Economy Adds 46,600 Jobs in […]

Read the full article →

Austin Office Market Report – Q2 2014

August 15, 2014

Office market construction pipeline increases to 2.4M SF Austin’s strong economy continues to spur office development with over 2.4M SF currently under construction. Over 188,000 SF of new inventory delivered during Q2, bringing 2014 year-to-date delivered inventory to 587,657 SF. Seven buildings totaling 199,286 SF delivered in Q2, with the most notable delivery being Seaholm […]

Read the full article →

Office Using Employment Growth Strong in Texas

August 15, 2014

Texas Economy Adds 46,600 Jobs in July The fast-growing Texas economy showed steady growth in July, adding 46,600 seasonally-adjusted nonfarm jobs. In the last year, the Lone Star State’s economy has expanded by 396,200 jobs. Professional and Business Services employment expanded for a seventh consecutive month with the addition of 10,600 jobs in July. The […]

Read the full article →

Disclaimer: All blog entries on this site are the opinion of the author and not those of either Colliers Appelt Womack Inc. or Colliers International (collectively, "Colliers"). Colliers neither endorses, sponsors nor necessary shares the opinions of the author, regardless of whether any blog is posted by any employee, officer, agent, or representative of Colliers. Colliers has not authorized or verified any statement of fact made in a blog, and any such statement does not constitute a statement of fact by Colliers. Colliers is not responsible for the monitoring or filtering of any blog, nor does Colliers claim ownership or control over any blog content.