CHICAGO, July 22, 2020 /PRNewswire/ -- Buildout, commercial real estate's premier brokerage software company, announced today that they secured a new investing partner in The Riverside Company.
"We are excited to bring Riverside on as an investor to support Buildout's continued growth," said Buildout CEO Vishu Ramanathan. "I believe Riverside's depth of resources and experience investing in subscription software businesses will help Buildout realize its vision of becoming the most trusted name in commercial real estate brokerage software."
Previously, Chicago-based Buildout started with a $300,000 seed investment in 2013 and secured an $8 million Series A investment from continuing partners Susquehanna Growth Equity.
This new round of funding will allow Buildout to accelerate sales, marketing, and development team growth, invest more resources into its existing product suite, and pioneer new technology to support the entirety of the commercial real estate industry.
"We've been laying the groundwork for some incredibly exciting development," said Jason Tillery, Buildout co-founder and CTO. "Through our partnership with Riverside, we'll be able to expand our product development team and deliver some of the best tech CRE has seen faster than we could have ever imagined."
Buildout's software is designed to manage the entire deal process of a property from initial prospecting to ultimate sale or lease, including automating the creation of marketing materials, reaching prospective buyers or tenants, powering brokerage listings pages, and sharing transactional documents with all involved parties in a transaction.
The company's platform serves as the system of record for a brokerage's active listings and assists brokers in managing their contacts, prospects, and transaction information. Customers interact with Buildout daily to create marketing brochures, syndicate property listings, update their websites for active listings, and monitor buyer activity.
"Buildout has demonstrated its ability to develop and commercialize multiple software products that deliver significant value to its customer base," said Riverside Principal John McKernan. "We look forward to working with management to accelerate organic growth initiatives and strategically pursue add-on acquisitions that will deliver more value to Buildout's customer base."
Buildout's platform naturally scales to support brokerages of all sizes and has customers ranging from single broker shops to some of the largest brokerages in the world including Avison Young, JLL, KW Commercial, Lee & Associates, Marcus & Millichap, NAI Global, RE/MAX Commercial, SVN and more. Buildout currently supports over 37,000 active users across North America.
"We've always listened to our customers to understand the pain and inefficiencies they're facing in their work and I'm excited about the new resources we'll be able to put behind this continued commitment. Our work is about making the broker community more valuable than ever—and now we'll be able to do that better and faster," said Buildout partner and CCO Kris Krisco.
Buildout is the only commercial real estate software developed for the entire brokerage. Since launching in 2010, Buildout has pioneered the leading marketing solution for CRE—now, Buildout Elite is applying that power to the rest of the brokerage with Database, Project Management, and Back Office tools.
About The Riverside Company
The Riverside Company is a global private equity firm focused on investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has made more than 650 investments. The firm's international private equity and structured capital portfolios include more than 90 companies.
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