Germany’s Patrizia AG and listed UK company British Land have become the latest investors to invest into WiredScore, the US property-technology company focused on digital connectivity accreditation, as part of the proptech’s latest $4m fund raise.
The companies have made the strategic investment to support WiredScore’s expansion plan, while at the same time increasing their adoption of the WiredScore rating by committing a further number of their own buildings additionally to the company’s seal of accreditation.
WiredScore, the organisation behind Wired Certification, said the latest fundraise is an extension of its Series A raise bringing the total to $13m, which included investors Legal & General, U+I, Town Centre Securities, Momeni Digital Ventures, KingSett Capital and Savitt Partners. The company also received a re-commitment from its existing investors Bessemer Venture Partners, Fifth Wall and Sterling Ventures.
WiredScore said the funding will help the company’s expansion, both in terms of its footprint and commitment to researching and launching new products.
Manuel Käsbauer, Patrizia’s head of technology and innovation, said Patrizia has worked closely with WiredScore since their entry into the European market. “As proactive investment managers, we regard connectivity as crucial to the performance of our portfolio by helping us attract and retain tenants.”
William Newton, WiredScore president and managing director said connected buildings are now the standard, however well-connected buildings command a premium, attracting and retaining tenants, supporting technology now and for the future, and underpinning business growth and productivity.
“Digital connectivity is a global issue and as society becomes more connected around the world with the tech now available, it is important that our buildings, both offices and our homes, reflect that.”
The Augsburg-headquartered Patrizia has committed a significant German office portfolio comprising 23 assets totalling more than 250,000 sq m to Wired Certification. This follows the successful certification of 15 office assets, including 40 Grosvenor Place in London, HafenCity Gate and the Sprinkenhof in Hamburg. It is expected that the German based investment company will have certified almost 40 properties with an overall lettable area of approximately 550,000 sq m by 2020.
The WiredScore accreditation is essentially a trusted benchmark for a building’s connectivity, giving greater transparency to tenants. The certification also provides landlords and developers with the necessary insights to improve and future-proof their buildings’ connectivity standards.
