REAL ESTATE TECHNOLOGY
WegoWise and Measurabl | September 02, 2022
Measurabl, the world’s most widely adopted ESG technology platform for real estate, today announced its acquisition of WegoWise, a software platform for utility data automation and residential real estate from AppFolio, Inc., a leading provider of cloud business management solutions for the real estate industry. As a result of the acquisition, Measurabl will consolidate a mature, scaled utility automation backbone and residential real estate software application into its overall ESG platform, eliminating barriers to accessing utility data while authentically serving the rapidly emerging ESG needs of single- and multi-family real estate. The acquisition is Measurabl’s second this year, following the April acquisition of Hatch Data.
Until now, most utility data acquisition required a mixture of third-party technologies and service providers. WegoWise radically alters this dynamic with its proprietary utility automation infrastructure, which unlocks unique business and product innovation opportunities for Measurabl’s customers and partners while also further extending Measurabl’s leading position in ESG services to all asset classes from commercial to residential.
“Our product vision is to deliver ESG solutions for every real estate stakeholder from owners to lenders, occupiers to residents from meter to market, This is another major step in delivering on our expansive vision of removing barriers to sustainability data and making it accessible across the entire real estate industry.”
-Matt Ellis, CEO and Founder of Measurabl
Over the last several years, WegoWise has been vital in not only determining the multiplication of energy and water savings we have been able to achieve over our portfolio of communities, but in easily communicating that savings to our clients and residents, Now that WegoWise is part of Measurabl, we’re excited to have access to a more expansive, market-leading ESG toolkit that can help us bolster our ESG program even further,said Elizabeth Merzigian, Sustainability Manager at Peabody Properties, Inc.
WegoWise enjoys particular success in multifamily real estate and affordable housing, for which it developed nuanced product capabilities to automate utility data collection, benchmark assets and residential units, and support U.S. regulatory reporting. WegoWise’s customer base of over 650 customers is entirely additive to Measurabl’s already globally leading solution adopted across over 13 billion square feet of commercial real estate in 90 countries.
WegoWise is utility data management and analytics software for real estate. The company was founded in 2010 in Boston. It quickly found success in the multifamily segment, for which it developed nuanced product capabilities to automate utility data collection, perform benchmarking and support local U.S. regulatory compliance reporting including the Freddie Mac and Fannie Mae green loan programs.
Measurabl is the world’s most widely adopted ESG (environmental, social, governance) technology solution for real estate. Customers use Measurabl to measure, manage, report and act on ESG data on more than 13 billion square feet of commercial real estate across 90 countries valued in excess of $2 trillion. Measurabl empowers customers to optimize ESG performance, assess exposure to physical climate risk, drive decarbonization and secure sustainable finance opportunities.
REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Berkadia and Esusu | September 08, 2022
Berkadia announced today that it signed an agreement with Esusu, the leading financial technology company leveraging rental data for credit building. This partnership unlocks greater equity for renters, improves property performance for multifamily owners and operators and reduces lender risk.
With a mission to dismantle barriers to housing for working families, Esusu reports on-time rent payments to the three major credit bureaus, Equifax, Transunion, and Experian, to establish and boost credit scores for residents. The collaboration, which launched in the Spring of 2021, has expanded to over 34,000 units, establishing over 5,300 credit scores for residents to date.
“We could not be happier to have a multi-year agreement with Esusu, which allows Berkadia to extend a powerful property performance enhancing solution to our clients, This will help owners and operators reach their own ESG goals at an exceptional value and support Esusu’s critical and innovative objective–helping renters build and improve their credit.”
-Bryce Nyberg, Director of Berkadia Digital
Partnering to Provide Value and Solutions
Seeing the value Esusu could bring to the entire residential ecosystem, a partnership was formed when Esusu joined Berkadia’s inaugural BeEngaged program in February 2020. The partnership has proven to be mutually beneficial and has helped Berkadia develop a competitive advantage as an attractive funding source to owners and operators who value Esusu as both an economic and social solution.
Through Berkadia’s introduction, Esusu services over 285 properties across more than 10 management companies including Burbank Housing, Comunidad, Eagle Property Capital, Morgan Properties, Odin Properties and more.
As a workforce housing provider operating primarily in the inner city, Odin Properties has long been focused on supporting quality of life for our residents, In Esusu, we found a solution and a team that helped further that goal by allowing residents unprecedented access to the financial system, while improving property performance. It has been encouraging to see Esusu grow as their message rightfully resonates with so many different housing stakeholders,said Phil Balderston, Founder & CEO of Odin Properties LLC.
Supporting an Equitable Housing Market
Throughout the partnership, there has been growing industry awareness around the criticality of equity in multifamily housing. This was further emphasized when Esusu announced a collaboration with Freddie Mac.
Through their joint initiative in support of increasing equitability in the housing market, Freddie Mac provides closing cost credits to multifamily borrowers who agree to use Esusu to report on-time rental payments. Esusu also provides discounted pricing for these and other Freddie Mac borrowers who agree to report on-time rental payments through the platform.
Our credit building initiative has helped build or establish credit scores for tens of thousands of multifamily renters nationwide, It is an essential component of our effort to build a more equitable multifamily housing system,said Corey Aber, Vice President of Mission, Policy and Strategy for Freddie Mac Multifamily.
Utilizing Real-Time Data for Returns
Esusu not only improves the quality of life for residents but also helps properties maximize net operating income (NOI). By adding Esusu to Berkadia’s expansive network, borrowers can see scalable social impact results–credit score increases, new established scores, eviction prevention–as well as economic returns through improved rent collections, reduced delinquencies and renter turnover, and thereby healthier cash flows.
We are grateful for our long-standing collaboration with Berkadia, The firm took an early bet on Esusu through their BeEngaged program which has paved the way for Esusu’s proliferation throughout the marketplace. Berkadia has shared our vision from day one and their foresight has led to adoption by other lenders and sponsors throughout the industry. Together, we will continue to create a world-class experience for their sponsors while taking tangible steps towards dismantling barriers to housing and bridging the racial wealth gap,said Samir Goel and Wemimo Abbey, Co-Founders and Co-CEOs of Esusu.
Launched in 2019, the BeEngaged program advises and accelerates startups that are redefining the commercial real estate industry by providing them with resources, strategic counsel, and a collaborative network to test and grow innovative concepts. Since then, the organization has accelerated more than a dozen CRE tech startups, including Esusu.
BeEngaged features three stages to foster innovation and collaboration across the commercial real estate industry: BeEngaged Network®, Verified Status, and the BeEngaged Lab®. The BeEngaged Network® develops an ecosystem of founders, industry professionals, and capital providers dedicated to redefining the commercial real estate space. Companies participating in the BeEngaged Network® that have proven potential for long-term growth and industry transformation can be invited to seek Verified Status (VP). This stage provides company founders with focused mentorship for validating strategic alignment to participants of the BeEngaged ecosystem through experiments and pilots. Successful VP companies are invited to join BeEngaged Lab®, which is a catalyst for founders and Berkadia to collaborate on long-term initiatives.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
Esusu is the leading financial technology platform that leverages data solutions to empower residents and improve property performance. Esusu's rent reporting platform captures rental payment data and reports it to credit bureaus to boost credit scores. This allows renters to build and establish their credit scores while helping property owners mitigate against initiating evictions, powered by differentiated data and insights. Founded in 2018, Esusu reaches over 2.5 million rental units across all 50 states in the U.S.
REAL ESTATE TECHNOLOGY
Blueground and Tabas | November 18, 2022
Blueground, a PropTech scaleup offering a turnkey, flexible housing solution for renters globally, announces today it entered into agreement to acquire Brazilian PropTech startup, Tabas. Marking the first acquisition in Blueground’s nearly 10-year history, the company will soon acquire Tabas after leading Tabas’ $14 million Series A funding round earlier this year. Tabas is the largest operator of designer-quality furnished apartments for 30 days or more in São Paulo, Rio de Janeiro, and Brazilia. The acquisition, which is expected to close in early Q1 2023, enables Blueground to enter the Latin American market, and fuel the increased demand for furnished, flexible rentals in the region. Together Blueground and Tabas will launch Mexico City in early 2023.
During the period between now and close, the two companies will continue to operate independently and will gradually integrate over the next year. The combined organization will have a presence in 29 cities across 16 countries, employing over 1,000 people. Based on current financial projections, the joint entity is projected to generate ~650M in 2023.
Blueground is the largest turnkey property rental company in the 30+ day sector. It has a network of 9,500 move-in-ready, expertly-designed homes enabling people to flexibly live wherever they choose. The company was co-founded by CEO Alex Chatzieleftheriou in 2013, who, after many years as a business consultant, had experienced first-hand the pain points of living out of hotels for work for months at a time. He aspired to create a seamless way for people to freely move between neighborhoods, cities, and countries around the world.
Blueground currently works with over 4,700 landlords globally, guaranteeing them rental income while providing expert property management and maintenance services at scale. The acquisition of Tabas will allow Blueground to grow its network faster, supporting its goals of 40,000 apartments across 50 cities by 2025, and add more location options for its client base.
“We’ve had our sights set on Latin America for quite some time, as we see huge market potential for furnished and flexible rentals, Since our first investment in Tabas last year, we’ve developed immense respect for the Tabas team and what they’ve built in Brazil. With our best-in-class technology and our expertise in scaling the business, we'll continue to expand and offer the option for a flexible lifestyle in more markets globally.”
-Alex Chatzieleftheriou, CEO and Co-founder, Blueground
Founded in May 2020, Tabas was born out of the founders’ frustration with the lack of flexible, fully furnished rentals for mid- to long-term stays. Tabas now has over 1,000 apartments in three cities in Brazil - São Paulo, Rio de Janeiro, and Brazilia, raising over $20 million in funding prior to the acquisition. As the first project post-acquisition, Tabas will offer its knowledge and understanding of the market to support the launch of Blueground in Mexico City in early 2023, marking Blueground’s 30th city, and 11th in the last 12 months.
Tabas and Blueground’s visions are fully aligned and together we can create even more value for our guests, our landlords and the Tabas team, This acquisition is yet another success story for Brazilian proptech companies. We're proud of the work we’ve done to get us this far; now it’s time to take it to the next level and continue bringing the turn-key, flexible rental living concept across Latin America,said Leonardo Morgatto, Co-founder and CEO, Tabas.
The pandemic gave rise to new work environments, enabling people to explore the world and forgo traditional long-term leases for flexible rentals. To keep up with the growing demand, Blueground has doubled its supply of apartments in the last year.
The acquisition is subject to standard closing conditions, including regulatory approvals.
Blueground is a global PropTech company that operates a curated network of thousands of quality, turnkey homes in sought-after neighborhoods around the globe, making them available for stays of a month or longer. Blueground’s tech-enabled platform provides a fully digitized experience; from viewing and booking available apartments within minutes to managing the entire stay through the Blueground Guest App. Blueground is headquartered in New York City, with a portfolio of thousands of apartments in 26 cities worldwide including in New York, Los Angeles, San Francisco, Boston, Chicago, Washington D.C., Denver, Seattle, Austin, Miami, Dubai, Istanbul, Paris, London, Vienna, Zurich, Berlin, Madrid, Barcelona, Lisbon, Basel, Luxembourg, Copenhagen, Hong Kong, Singapore, and Athens. Blueground plans to expand to 50 cities by 2025.
Tabas is a Brazilian real estate technology startup providing beautifully-designed fully-furnished apartments for flexible stay. Founded in early 2020, it already has more than 1,000 apartments in its portfolio, in the cities of São Paulo, Rio de Janeiro and Brasília, all located in upscale neighborhoods, equipped and decorated with sophistication. With unprecedented flexibility for the Brazilian market regarding rental contracts, the company works with terms starting from 30 days of rent, guaranteeing the property maintenance to the owners and uncomplicated and well assisted reservations to the tenants.