San Diego software startup snags $93M to help commercial real … – The San Diego Union-Tribune
San Diego startup Measurabl, which makes software to help measure and manage the carbon footprint of properties, has landed $93 million in a fourth round of venture capital.
The funding comes amid a pullback in venture capital investment nationwide amid rising interest rates and weak demand for initial public stock offerings.
Measurabl bucked the trend by corralling a sizable stable of more than 1,000 customers using its subscription software targeting Environmental, Social and Governance (ESG) impacts of buildings. They include Real Estate Investment Trusts, insurance companies, private equity investors, large tech tenants and even Major League Baseball.
“You do not manage if you do not measure,” said Matt Ellis, founder and chief executive of Measurabl. “It is hugely material for real estate businesses, and now you can bring it into your underwriting and transactions, and as a result, you do better.”
To date, the company has created sustainability data for about 16 billion square feet of commercial, residential and corporate-owned properties across 93 countries, including a significant portion of commercial properties in the U.S.
Measurabl’s goal is to make sustainability a financial metric for buying, leasing, financing and insuring properties, said Ellis.
Real estate is one of the world’s largest sources of carbon emissions, potable water use and raw materials use, he said. Depending on the source, commercial real estate is responsible for roughly 40 percent of the world’s carbon emissions. But gathering and reporting this information can be difficult for owners and building managers.
Ellis saw this firsthand as director of sustainability solutions at CB Richard Ellis before starting Measurabl in 2013.
ESG programs have gotten some pushback recently, mostly from conservative state officials who question whether these investments are performing well and have been adequately disclosed by asset managers.
“The antidote to greenwashing is objective measurement and transparency,” said Ellis.
Prior to this latest funding, Measurabl had raised a total of $85 million. The company employs about 250 workers.
Energy Impact Partners and Sway Ventures led the round. Other investors include Moderne Ventures, WVV, Suffolk Construction, Broadscale, Camber Creek, Salesforce Ventures, Building Ventures, Constellation Technology Ventures, Concrete Ventures, RET Ventures, Colliers and Lincoln Property Co.
“Measurabl has been ahead of the curve on the twin megatrends of digitalization and ESG sweeping the real estate sector,” said Lindsay Luger, partner at Energy Impact Partners and member of Measurabl’s board. “They’ve greatly outdistanced their competition in terms of scale and sophistication, becoming the ESG platform for ….. real estate owners and occupiers who must mitigate climate risk, decarbonize their real estate portfolios, and improve access to capital.”
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