Measurabl, a software platform for sustainability data management, benchmarking, and reporting, will be expanding and improving its offering thanks to the $7 million in Series A funding the company closed on today.
The company plans to expand its software offerings by integrating with more third-party systems, improving quality assurance tools, and continuing to incorporate new sustainability needs into the software. Measurabl also says it will adjust its pricing model so smaller organizations can access the software. A new office in the UK will be added to “better support European clients,” the company says.
Measurabl calls itself the “first ever global platform for benchmarking and reporting the sustainability performance of commercial real estate,” adding that it is used by properties worth more than a combined $1 trillion.
Camber Creek, a real estate technology focused venture capital firm, led the round with participation from UK-based real estate tech investor Concrete, real estate asset manager DivcoWest, Salesforce Ventures, Sway Ventures, and returning investors Borealis Ventures and Impact Engine.
“Sustainability has emerged as a key value driver of real estate,” said Matt Ellis, Measurabl’s founder and CEO, “but there was no way to easily or accurately collect, benchmark, and report sustainability data so we built Measurabl to solve that problem and help real estate stakeholders implement profitable and equitable business strategies.”
The global real estate sector has shown tangible improvements in environmental, social and governance (ESG) performance, according to the 2017 GRESB Real Estate Assessment. In 2017, the sector reduced like-for-like water consumption by 0.5%, diverted 52.9% of landfill waste, and reduced like-for-like carbon emissions by 2.2%. The sector also reduced like-for-like energy consumption by 1.1%, according to the assessment. In North America, reductions were even higher.
Real Estate Sustainability
Sustainability is particularly relevant to real estate since it is one of the world’s most polluting industries, responsible for nearly 71% of US electricity consumption, 39% of carbon emissions, 14% of potable water usage, and 40% of raw materials usage, Measurabl points out.
By measuring and tracking sustainability data, property owners, managers, and investors can better understand building operations, comply with investor and regulatory reporting requirements, and make smarter investment decisions.
Several factors are driving property owners to improve building performance and create financial value through the implementation of sustainability best practices. The focus on sustainable and responsible investing, for example, has grown significantly over the past several years, with investment in the US surpassing $8.5 trillion in 2016, and accounting for more than 20% of the value of professionally managed assets, according to a recent report from the Urban Land Institute’s Greenprint Center for Building Performance.
By addressing ESG issues, businesses and investors can improve financial returns with less risk.