Proptech startup HqO secures $34M

Proptech is a space that is increasingly raking in equity from venture capitals.

The latest recipient is HqO, a Boston-based tenant experience (TeX) platform for commercial real estate. The startup has just raised $34.25 million in Series B financing led by Insight Partners.

Previous backers Accomplice and Navitas Capital also participated in the round, which brings the company’s total venture raised since it was founded in early 2018 to $53 million.

It’s been nearly two years since HqO launched the first version of its software, and since that time it says it’s grown to managing 70 million square feet of office space. That’s impressive. And not just any office space, mind you. We’re talking about iconic buildings such as the 4.6-million-square-foot Willis Tower in Chicago, the second-tallest building in North America (once known as the Sears Tower). It’s currently working with 31 landlords including Blackstone’s EQ Office, Jamestown, DivcoWest, and National Development (up from six one year ago).

How it works

The company’s software gives office landlords, a  historically resistant-to-technology bunch, a way to unify all of an office building’s tenant-facing technology and amenities into a single SaaS platform. The platform also features content and events, and provides landlords with data aimed at helping them “increase tenant retention, differentiate the building to prospective tenants, and inform asset strategy.”

HqO CEO and Co-Founder Chase Garbarino said:

“Landlords are inundated with all these different point solutions, but they’re not going to ask a consumer to use 20 to 30 apps. Our value proposition is to have an underlying platform that standardizes APIs across all categories so third-party technology can plug into one interface and landlords can control ownership with people in the building.”

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