New Investment to Accelerate Technology and Brokerage Hires, Nationwide Expansion
SANTA MONICA, Calif., June 13, 2018 /PRNewswire/ -- Technology-enabled commercial real estate brokerage firm, TenantBase, Inc., today announced that it has raised an oversubscribed $10.7 million funding round to simplify the process of finding and leasing office space for small to mid-size businesses. The round is led by Stonecutter TenantBase Investors LLC, an affiliate of New York-based Stonecutter Capital, and includes follow-on investments from existing investors. TenantBase is headquartered in Santa Monica, CA, with additional brokerage offices in Atlanta, Dallas, Nashville, and Newport Beach, CA.
TenantBase was founded in 2014 to provide the best tech-enabled brokerage experience for a traditionally underserved market in commercial real estate -- small to midsize business owners looking for commercial space. TenantBase built its platform to combine proprietary client-facing technology, internal broker tools, and hands-on local brokerage services. The funding will enable TenantBase to hire more engineering talent and continue building their team of market leading brokers.
"TenantBase has been thoughtful in their approach to improving the commercial leasing process. In a world where Compass and Redfin have revolutionized the home buying experience, TenantBase has created a powerful tool for its clients to explore and downselect interesting commercial spaces and then work the last mile with experienced brokers to conduct office tours and ink the deal," says Peggy Styer, an individual investor from Razor's Edge Ventures. "This round will accelerate the company's expansion into new markets."
"There are huge inefficiencies and frustrations for both tenants and landlords related to leasing small spaces. Landlords want to work with credible tenants that understand the process and our TenantBase brokers guide clients of all experience levels through the process to get more deals done. We are excited to expand our service offering to new markets in 2018 and beyond," stated Bennett Washabaugh, CEO and co-founder.