Truss to enhance its commercial real estate platform with $15m funding

January 19, 2019
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General Catalyst and former Priceline executives lead recent Series A funding round

Leading commercial real estate marketplace, Truss, has recently announced a Series A-2 funding round with a goal of $15 million. Led by General Catalyst, an investor of Airbnb, ClassPass, and Deliveroo, along with Navitas Capital, Hyde Park Angels, and Hyde Park Venture Partners, the funding will be used to expand on its commercial real estate platform.

Other tech leaders, including a former Priceline executive and a current Redfin chairman, Robert "Bob" Mylod, have participated in the round. Mylod will also be joining the company's board of directors. Former CEO of Priceline and managing director of Brothers Brook, Jeff Boyd was also apart of the funding.

Having over 30,000 spaces of office, co-working, industrial, and retail spaces searchable on its platform, Truss offers tours and leases on its marketplace and is one of the only companies to offer complete price transparency to prospective clients during the search process. There are 3D virtual tours available for small business owners looking for spaces for their companies. This helps save them time and helps them visualize the space which is a perfect alternative without visiting it in person.

"As Truss continues to grow, we will continue our commitment to providing price transparency and increased efficiency for small business owners looking for the perfect space for their businesses," said Tom Smith, co-founder of Truss. "The increased resources will allow us to expand into more markets and grow our team, in turn yielding more available spaces in more places to our customers."

The funding comes in the wake of Truss' 23-time revenue growth in the last 12 months, whereas the announcement follows recent awards and nominations from Chicago Innovation and CREtech.

"The Truss marketplace offers small business owners greater speed, simplicity, and transparency in their search for new real estate. On the other side, Truss provides higher volumes and more qualified leads to brokers and owners," said Adam Valkin, managing director at General Catalyst. "The company's momentum in its first nine markets, driven in part by its AI-driven chat bot interface, suggest that real value is being unlocked for all parties." 

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January 19, 2019
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

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