25. June 2013–
New York City- and London-based startup Honest Buildings wants to become a world-leading marketplace and discovery platform for real estate projects and just raised a new $5.5m Series A funding round to back it up.
The new funding, announced this week, comes from new investor Westly Group and existing investor RockPort Capital. Honest Buildings' other early investors include Mohr Davidow Ventures, Spring Ventures and serial entrepreneur Lisa Gansky.
Honest Buildings's flagship product HB Match connects real estate developers and building professionals. Service providers make free profiles to showcase recent projects. A developer with a new project in mind can make a free search using Honest Buildings' engine and get a list of qualified providers based on previous work. The developer can then review portfolios and request a quote using the platform.
Over the past five months, Honest Building claims to have moved about $25m in contracts and grown to nearly one million building profiles. To bring in revenue, the company charges service providers a small fee if they successfully complete a transaction.
The vision for the company has expanded since co-founders Riggs Kubiak (pictured above), Cody Roberts and Garrett Kubiak started working on it in late 2011. Originally, the founders planned to focus only on green building technology.
"In reality, we haven't moved away from anything," Honest Buildings' UK market development head Nick Katz told us today. "At our core we want to help people make better, more efficient decisions so buildings can improve faster than ever before."
Access to quality data is everything for this kind of model. To help it claim a new international foothold in the UK, Honest Buildings this year joined Open Data Institute's new startup incubation programme in East London. Part of the new Series A funding will be used to expand the team based at the ODI, specifically for data science, regulatory and policy research, and business development.
Image credit: via Honest Buildings
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