The COVID-19 pandemic has created all sorts of real estate issues for companies as it forced so many employees to work from home, leaving empty space all over the globe.
And while there is no shortage of technology out there for landlords, there are fewer options for commercial real estate tenants and brokers.
Enter Occupier. The New York-based startup has developed lease management software for commercial real estate tenants and brokers. This is particularly timely, considering how many businesses are having to make tough decisions about how to use their space as the pandemic rages on. The company’s original focus was on offices as an asset class but has expanded over time to include any business that has a real estate strategy –– from healthcare clinics to retailers to warehouses.
And today, Occupier is announcing it has raised $10.5 million in a Series A funding round.
OMERS Ventures and Stage 2 Capital co-led the investment, which included participation from existing backers Alate Partners and Metaprop. The raise brings the total raised by Occupier since its 2018 inception to $15.5 million.
Founded in 2018 by commercial real estate industry and proptech veterans Matt Giffune, Andrew Flint and Erik Pearson, Occupier says it’s on a mission to help organizations “make smarter real estate decisions for their business.” Its software is designed to automate the lease administration process, lease accounting and transaction management.
It’s also aimed at helping organizations remain in compliance with new lease accounting guidelines that were effective for public companies in 2021 and will impact private companies this year.
The effects of the COVID-19 pandemic and coinciding recent changes to federal lease accounting standards combined have forced companies to have more ownership over their real estate, noted Occupier co-founder Matt Giffune.
“Tenants are in a phase of adaptation as they re-evaluate their real estate strategy, and thus their adoption of digital solutions,” he said. “Office occupiers started experimenting with hybrid work models, restaurateurs began adopting ghost…