actual property Platform TheSquareFoot Nets $2M, Expands to the big apple

New York City skyline

Th SquareFoot, a Houston-born and now big apple-primarily based on-line platform for industrial actual estate, has raised $ 2 million in seed funding following its growth into the large Apple.

“Being in the big apple is a very totally different animal,” says Justin Lee, a SquareFoot co-founder. “The business actual estate market in new york is super, super aggressive at this time. The demand some distance outweighs supply especially for tech corporations which might be all looking for the identical measurement and kind of house.”

still, the alternatives were such that Lee and the other co-founders decided to relocate the company from Houston to the big apple this 12 months.

To assist toughen its growth, the company raised the seed money from investors primary challenge partners and RRE Ventures, both based in the big apple. the cash will likely be used to make about 20 hires this year—greater than doubling the present personnel of 14—to assist construct out its advertising and gross sales in the ny market, Lee says.

whereas corporations like Seattle-based totally Zillow have serious about the residential actual property market, some entrepreneurs like Lee and his partners zeroed in in the marketplace for workplace house. in addition to The square Foot, other firms trying to compete in this sector are actual massive, best Spot, and Zonability, each and every based totally in Austin, TX.

“once we began 4 years ago, most people checked out business real property as the closing business to in reality begin adopting know-how,” Lee says. “We’re making strides to vary that.”

the company used to be founded in Houston as a web based platform for commercial real property listings from preliminary search to lease execution. buyers can search listings by way of dimension, location, and property sort, and the corporate has in-home brokers who can help finalize any transactions.

Given its begin in Texas, SquareFoot’s clients were traditional companies like law corporations, accountants, and oil and gasoline firms. In big apple, Lee says the startup is basically helping firms seeking to be part of the city’s growing tech scene and looking for Silicon Valley-like area.

“In Texas, whereas it used to be competitive before the oil prices started shedding, it’s way more of a laid-again expertise,” Lee says. “In big apple, it’s more cutthroat. That’s no doubt how it feels.”

Xconomy

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